US corn futures found some resistance and profit taking after recent gains, the Chicago market closing lower overnight. Fundamental support came from delayed planting in some parts of Argentina. Talk of a persisting La Nina keeping S.America dry over the winter also slowed any decline in corn futures.
The declining soil moisture in the southern of Brazil and some parts of Argentina will also be closely watched by the soybean market. Big crops are expected in Brazil this year with the major production areas seeing good rainfall but the southern states are much drier and that may thwart any record attempt in the mid-term.
The nervousness in the market about S.American soybean production should continue to offer support to the oilseed complex into Q1 2022.

US wheat futures found support overnight as the punters took the post WASDE decline as a buying opportunity today. The decline in US futures was not reflected in global wheat values (just some domestic markets). Cash prices for wheat out of the Black Sea did not fall dollar for dollar with futures and actually rallied again last night.
China appear to be ignoring the USDA bearish fundamentals for wheat and continue to buy up French, Australian and Ukraine wheat and barley. Feed barley C&F China was priced at US$364 from the Ukraine, US$368 from France. Currently we see Australian F1 being bid at $250 XF LPP, this would be similar to a price of US$251 C&F China, Aussie barley is dirt cheap.