The most active corn contract for May delivery fell 5.75 cents, or 0.89 percent, to settle at 6.435 U.S. dollars per bushel. May wheat plunged 11.75 cents, or 1.63 percent, to settle at 7.10 dollars per bushel. May soybean lost 6.5 cents, or 0.43 percent, to settle at 15.1275 dollars per bushel.
Corn and wheat continued to liquidate, soybean sagged in sympathy.
CBOT grains are liquidating into first notice day against March futures. Chicago-based research company AgResource holds that CBOT grain charts are oversold, and this is no place to be making new sales with Russia complaining that the latest round of sanctions adversely impacting its agricultural exporters. AgResource suggests awaiting rallies for new sales.
U.S. weekly export inspections for the week ending Feb. 23 were 22.5 million bushels of corn, 21.7 million bushels of wheat and 25.40 million bushels of soybeans. For respective crop years to date, the United States has shipped out 563 million bushels of corn, down 38 percent year on year; 1,546 million bushels of soybeans, up 3.5 percent; and 560 million bushels of wheat, down one percent.
There are rumors that China is selling back over one million metric tons of Argentine soybeans to domestic crushers and exporters due to drought and price in Argentina.
There is limited rainfall for Argentine crops into March 10. The lack of rain and coming heat will produce additional drought stress on Argentine crops. Harvest in Brazil is ongoing with below normal rainfall this week for Central and Northern harvest areas. The Brazilian weather outlook is favorable and Argentina is harmful.
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