The most active corn contract for December delivery plunged 18 cents, or 2.87 percent, to settle at 6.1025 U.S. dollars per bushel. December wheat shed 15 cents, or 1.83 percent, to settle at 8.0275 dollars per bushel. November soybean lost 31.25 cents, or 2.21 percent, to settle at 13.81 dollars per bushel.
CBOT grain futures were lower amid a lack of enthusiasm and as energy markets worldwide failed to sustain strength.
Chicago-based research company AgResource maintains that neither the bulls nor bears will find much momentum over the next 10 days. The looming harvest caps rallies, while profitable end user margins warrants pricing on breaks.
U.S. exporters sold 229,000 metric tons of soybeans to Mexico Tuesday. Jordan secured an estimated 60,000 tons of optional origin wheat. Iraq closes a tender for U.S. wheat.
It is wetter in eastern Iowa. Precipitation moves across Missouri over the next several hours. Meaningful precipitation then shifts southward into the Southern Plains, Delta and Southeast. Corn harvesting in Delta will be in full swing through the balance of the month and regional delays are probable next week. The outlook lacks major threats as temperatures cool.
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