By Brendan O'Brien
CHICAGO, Nov 20 (Reuters) - Chicago soybean futures rose more than 1% on Monday, supported by the results of Sunday's presidential election in Argentina coupled with brutally hot weather in Brazil that is likely to continue to stress crops despite rains over the weekend.
Chicago Board of Trade (CBOT) corn fell 0.4%, while wheat declined 1%.
The most-active soybean Sv1 contract was up 15 cents at $13.55-1/4 per bushel at 1805 GMT.
Downpours on Sunday in Brazil provided partial relief to the top soybean exporting nation, where hot conditions have brutalized crops in northern and central growing areas. But the rains were erratic, said Drew Lerner, president of World Weather Inc.
"There's still a huge amount of real estate that still needs a solid drink of water," Lerner said. He added that additional rains of up to 2 inches are in the forecast for the week, except for northeastern Brazil, which is expected to stay dry.
Brazil's 2023/24 soybean planting pace as of Thursday was the slowest for the period since 2019/20, consultancy AgRural said.
The soybean market was also assessing Sunday's presidential election in Argentina, the world's top soymeal and soyoil exporter. Javier Milei's election offers an opportunity for "radical change" in policy for the grains sector, the country's main rural associations said.
Argentine producers have been encouraged in the past to sell soybeans via the favorable exchange rate, said Lane Akre, an economist with ProFarmer. But that may change with Milei's proposal that Argentina move to the U.S. dollar.
"I'm wondering if the market thinks that these Argentine producers are going to hold on to beans longer now that they're not going to be nearly as incentivized to sell," Akre said.
CBOT December corn CZ3 was 1-1/2 cents lower at $4.65-1/2 per bushel. CBOT front-month December wheat futures Wc1 were down 6 cents at $5.44-3/4 a bushel.
The U.S. Department of Agriculture said exporters sold 104,000 metric tons of U.S. corn to Mexico. A weekly USDA report, due at 4 p.m. ET (2100 GMT) on Monday, should show no change in U.S. winter wheat condition ratings, analysts said.
(Reporting by Brendan O'Brien; additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; editing by Jonathan Oatis)
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