The most active corn contract for December delivery fell 5.75 cents, or 0.84 percent, to settle at 6.7725 U.S. dollars per bushel. December wheat plunged 22.5 cents, or 2.67 percent, to settle at 8.2025 dollars per bushel. November soybean lost 5.25 cents, or 0.37 percent, to settle at 14.325 dollars per bushel.
November soybean futures sagged with soybeans finding consumptive demand under 14.10 dollars. Corn and wheat futures went lower on profit taking amid the macroeconomic weakness across a host of financial markets. Rising U.S. and world interest rates will cause a contraction in a host of assets valuations with hedge fund managers being extremely cautious with new investments until after the next Federal Reserve meeting in September.
CBOT weakness is forecast into midweek. Chicago-based research company AgResource looks for late week rally as traders will not take a position home into a 3-day U.S. holiday weekend.
The U.S. Department of Agriculture announced on Tuesday the sale of 264,000 metric tons of U.S. soybeans to an unknown destination for 2022-2023.
The Ukrainian agricultural minister forecast that the country's October grain exports would reach 6.0-6.5 million metric tons, double the volume of recent months as three sea ports in Southeast Ukraine fully reopen.
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