The most active corn contract for December delivery fell 12.5 cents, or 1.86 percent, to settle at 6.58 U.S. dollars per bushel. December wheat plunged 37.25 cents, or 4.48 percent, to settle at 7.9425 dollars per bushel. November soybean lost 27.75 cents, or 1.95 percent, to settle at 13.9475 dollars per bushel.
CBOT grain futures were lower on U.S. dollar strength as macro fears continue to spill into the global agricultural marketplace.
Balance sheet tightness must be felt more clearly to encourage active fund participation. The burden on South American weather this winter is enormous. Chicago-based research company AgResource expects sizeable volatility to continue.
U.S. and global grain balance sheets lean bullish, but markets over the next several months will be forced to contend with recessionary fears along with ongoing uncertainty over the Black Sea's contribution to global trade flows.
U.S. Department of Agriculture (USDA) announced another 396,000 metric tons of U.S. soybeans to unknown destinations. In the last seven days, U.S. exporters have sold 973,000 metric tons of soybeans to China and unknown destinations.
Additional rain is forecast across the southern quarter of Brazil's soybean belt in the next 10 days, and producers in RGDS and Parana will begin seeding soybean in two to three weeks.
Southern Plains rainfall has shift north and eastward. Lite showers will reach into the mid-South and southern Midwest this weekend. Above normal temperatures will blanket the entire Central U.S. throughout the next 10 days.
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