The most active corn contract for May delivery fell 2.75 cents, or 0.43 percent, to settle at 6.37 U.S. dollars per bushel. May wheat plunged 13.50 cents, or 1.90 percent, to settle at 6.9525 dollars per bushel. May soybean rose 10.25 cents, or 0.67 percent, to settle at 15.29 dollars per bushel.
Soybean futures were higher on ongoing acute drought impacting the Argentine soybean crop; while Chicago wheat market went lower on renewed fund selling upon the coming end of the old crop export season.
The U.S. Department of Agriculture (USDA) March Report will be out on Wednesday with Brazil's CONAB releasing its crop estimates on Thursday. Chicago-based research company AgResource holds that this is no place to be selling wheat and corn, while May soybeans have resistance above 15.50 dollars.
USDA reported the sales of 110,000 metric tons of U.S. corn to Japan and 182,400 metric tons to an unknown destination. There are also rumors that China booked a cargo of U.S. soybeans for late March shipment.
U.S. export inspections for the week ending March 2 were 35.4 million bushels of corn, 20 million bushels of soybeans and 9.8 million bushels of wheat. For respective crop years to date, the United States has shipped 601 million bushels of corn, down 38 percent year on year; 1,524 million bushels of soybeans, up 3 percent; and 572 million bushels of wheat, down 2 percent.
Weather forecast is drier for Northern and Central Argentina. The core of Argentina's agricultural belt stays warm and arid into March 16. Near to above normal rainfall falls across Northern Brazil to the benefit of winter corn, but the moisture will slow the remaining soybean harvest.
Latest comments