The most active corn contract for May delivery fell 3.75 cents, or 0.61 percent, to settle at 6.135 U.S. dollars per bushel. May wheat rose 5.25 cents, or 0.77 percent, to settle at 6.845 dollars per bushel. May soybean lost 15.75 cents, or 1.05 percent, to settle at 14.9125 dollars per bushel.
Risk-off is the mentality of the market amid rising financial market volatility.
The failure of several U.S. banks has caused worry that the recent dramatic increase in U.S. interest rates will cause other banks to fracture at a time of record large consumer debts. Chicago-based research company AgResource maintains that longer term any CBOT break will be short lived amid the fall in Argentine/Ukraine grain production.
Russia is willing to extend the Black Sea Grain Initiative by 60 days, not 120 days, to provide time for the rest of world to come up with a proposal to help its exports, which are being harmed by economic sanctions.
U.S. weekly export inspections for the week ending March 9 were 39.3 million bushels of corn, 22.7 million bushels of soybean and 9.15 million bushels of wheat. For respective crop years to date, U.S. corn exports are down 378 million bushels or 37 percent year on year; U.S. soybean exports inspections up 38 million bushels or 25 percent; and U.S. wheat exports down 12 million bushels or 2 percent.
Algeria wheat offers went in cheaply with only one Russian CIF wheat offer at 310 dollars per metric ton and other European offers ranging from 312 to 316 dollars per metric ton.
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