The most active corn contract for May delivery fell 2.75 cents, or 0.43 percent, to settle at 6.3425 U.S. dollars per bushel. May wheat rose 2.75 cents, or 0.4 percent, to settle at 6.98 dollars per bushel. May soybean lost 13.5 cents, or 0.88 percent, to settle at 15.155 dollars per bushel.
Corn and soybean are trading lower in preparation for release of U.S. Department of Agriculture (USDA) March Report on Wednesday.
Argentine drought this year will prevent a build in corn stocks and weigh heavily on the build in global soybean stocks. Argentine production loss and uncertainty over spring and early summer Black Sea grain flows place a heavier burden on production across the Northern Hemisphere. Chicago-based research company AgResource recommends new crop hedges only on market strength. Wheat remains oversold in the United States and Europe.
Weather forecast for Argentina remains outright hot despite summer's fade into autumn there. Argentine yield loss will cross thresholds seen only a few times in recent decades. Soybean product supply tightness is unavoidable.
A broad pattern of active precipitation and cold temperatures is offered to the Central U.S. into the latter part of March. A warmer and drier setup will be destined in April.
Weather forecast shows unrelenting heat and dryness across key areas of Argentina throughout the next 10 days. Normal and above normal rainfall falls and mild temperatures will continue in Brazil.
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