The most active corn contract for May delivery fell 13.25 cents, or 2.06 percent, to settle at 6.3025 U.S. dollars per bushel. May wheat lost 4.5 cents, or 0.63 percent, to settle at 7.055 dollars per bushel. May soybean plunged 33.75 cents, or 2.23 percent, to settle at 14.79 dollars per bushel.
CBOT liquidation accelerates on March deliveries and chart breakdowns. Soybean futures fell below its 50-day moving average with corn taking out its December low and Chicago wheat futures falling to its lowest price since September 2021.
Chicago-based research company AgResource sees initial support below 6.30 dollars for May corn and 14.60 dollars for May soybeans. Nevertheless, the Black Sea Grain Initiative must be extended and Northern Hemisphere spring weather must be deciphered before lower grain prices are justified. AgResource holds that this is no place to make grain sales, and short term trading lows will be scored before the weekend.
Türkiye purchased 790,000 metric tons of Russian/Ukraine wheat at 308 to 319 dollars per ton CIF for delivery to various Turkish ports.
Ukraine has asked the United Nations to start the negotiations on extending the Black Sea export corridor deal. No comment on the start of negotiations has been returned from the United Nations, Russia, or Türkiye.
There is limited rainfall for Argentine crops into March 10. There is a chance of a few lite showers in the next 48 hours, but the forecast then goes hot and dry. Argentine crop stress is becoming acute on reproducing corn and soybeans.
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