CHICAGO, Nov. 30 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by wheat.

The most active corn contract for March delivery fell 7.75 cents, or 1.79 percent, to settle at 4.26 dollars per bushel. March wheat plunged 21 cents, or 3.47 percent, to settle at 5.85 dollars per bushel. January soybean lost 23.25 cents, or 1.95 percent, to close at 11.685 dollars per bushel.

CBOT corn, soybean and wheat futures fell sharply on long liquidation based on the hope for better rain across some of the drier areas of North and Central Brazil next week. The speculative selling is robust, Chicago-based research company AgResource noted.

Rumors regarding new Chinese interest for U.S. corn were pushed aside as fund profit taking into the end of the month is the theme of the day. But farmers in the United States and Latin America are not selling into the break, which should allow for a late week recovery, said AgResource.

U.S. weekly export inspections showed that for the week ending Nov. 26, the United States exported 32.7 million bushels of corn, 74.8 million bushels of soybeans and 18.5 million bushels of wheat. China shipped out 55.0 million bushels of U.S. soybeans last week.

For respective crop years to date, the United States has exported 399 million bushels of corn, up 68 percent year on year; 980 million bushels of soybeans, up 67 percent; and 474 million bushels of wheat, up 1 percent.

U.S. Department of Agriculture (USDA) announced the sale of 344,000 metric tons of U.S. corn to an unknown destination for 2020-2021. Mexico, Japan and China are rumored to be potential buyers. China has slowed its soybean demand based on large purchases on the books that equate to 34 million metric tons known/unknown.

Weather forecast shows drier than normal weather for Mato Grosso, Goias, and Mato Grosso Do Sul over the next 6-7 days with limited rain offered for the southern half of Argentina. Rainfall chances in Northern and Central Brazilian will improve starting next Monday with the return of tropical upper air moisture which will produce daily T storm. The chance of daily showers exists into Dec. 12.

The new drought area will form in the southern half of Argentina where limited rains fall in the next 2 weeks. No extreme heat is forecast, but the lack of rain will produce a sharp decline in soil moisture. South American weather stays concerning for Brazilian and Argentine crops, AgResource noted.

The CBOT is in correction mode based on the prospect of improved Northern and Central Brazilian rains. AgResource doubts that the bull market is over, saying market may see any deeper correction as a buying opportunity. Enditem

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