The most active corn contract for May delivery fell 0.5 cents, or 0.11 percent, to settle at 4.4125 U.S. dollars per bushel. May wheat lost 3.25 cents, or 0.59 percent, to settle at 5.4425 dollars per bushel. May soybean rose 0.75 cents, or 0.06 percent, to settle at 11.9675 dollars per bushel.
CBOT agricultural futures were lower but off session lows amid rising energy markets, and the searing heat in Central and Northern Brazil next two weeks. More attention is being paid to weather pattern across Brazil's safrinha corn belt, as well as the lengthy period of net drying across the U.S. Plains and far West Midwest.
Chicago-based research company AgResource holds that focus stays on Brazil nearby as safrinha corn begins pollinating in April, and excessive rain in RGDS in southern Brazil will also be watched as soybean harvesting has yet to begin there.
U.S. ethanol production in the week ending March 8 totaled 301 million gallons, lower than 311 million gallons in the previous week but up one percent year on year.
A pattern of below or well below normal rainfall and lingering heat continues in central Brazil throughout the next 10 days. The failure of rain to appear in central and northern Brazil in late March will trigger a more robust period of short covering in CBOT corn futures.
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