The most active corn contract for May delivery fell 9.25 cents, or 1.42 percent, to settle at 6.435 U.S. dollars per bushel. May wheat lost 6.5 cents, or 0.95 percent, to settle at 6.755 dollars per bushel. May soybean shed 18.5 cents, or 1.22 percent, to settle at 14.925 dollars per bushel.
The CBOT correction continued on favorable weather forecast for U.S. Midwest and the steep discount of Brazilian FOB soybean offers to the U.S. Gulf.
With the growing season right ahead, Chicago-based research company AgResource doubts that December corn will slide below 5.50 dollars and November soybeans too far below 13.00 dollars, saying this is no place to turn bearish. World wheat values have stabilized and May Chicago wheat has support below 6.50 dollars.
The U.S. Department of Agriculture reported that for the week ending March 30, the United States sold 7.1 million bushels of wheat, 49.1 million bushels of corn and 5.7 million bushels of soybeans.
For respective crop years to date, the United States has sold 667 million bushels of wheat, down 5 percent year on year; 1,465 million bushels of corn, down 32 percent; and 1,834 million bushels of soybeans, down 11 percent.
Egypt's GASC secured 600,000 metric tons of Russian wheat for May delivery.
It will be dry for the Plains over the next nine days with showers forecast to break out across the drought-stricken Plains on April 16. Warmth next week will allow corn seeding in the Central and Southern Midwest to start on a timely basis.
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