The most active corn contract for March delivery fell 6 cents, or 0.88 percent, to settle at 6.7625 U.S. dollars per bushel. May wheat plunged 16.5 cents, or 2.07 percent, to settle at 7.8025 dollars per bushel. March soybean shed 11.75 cents, or 0.76 percent, to settle at 15.2575 dollars per bushel.
CBOT agricultural markets are lower amid a soaring U.S. dollar, weak energy/equity markets, and as more attention is being paid to rapid building of new crop Brazilian soybean supplies.
A close below 15.15 dollars for March soybean would accelerate long liquidation. Chicago-based research company AgResource maintains the strategy of selling rallies.
U.S. ethanol production in the week ending Feb. 10 totaled 298 million gallons, up 4 million gallons week on week. U.S. ethanol stocks were up 39 million gallons at 1,064 million gallons, which sit at the highest level on record for mid-February.
The National Oilseed Processors Association (NOPA) member soybean crush fell below year-ago levels for the third month. The crush in January totaled 179 million bushels, as against 182 million bushels in January 2022 and the trade's average guess of 181.5 million bushels.
It will be wetter in major producing states Cordoba and Santa Fe in Argentina over the next 48 hours. But an outright pattern shift remains unlikely. Favorably dry and mild conditions persist in Brazil into the weekend. Heavy rainfall will return to Central Brazil next week.
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