The most active corn contract for May delivery plunged 8.25 cents, or 1.91 percent, to settle at 4.2425 U.S. dollars per bushel. May wheat fell 1.25 cents, or 0.22 percent, to settle at 5.78 dollars per bushel. May soybean lost 18.5 cents, or 1.56 percent, to settle at 11.65 dollars per bushel.
CBOT grain markets were lower in speculative selling. Speculators appear to be less willing to pressure wheat until more is known about new U.S. economic sanctions that will be placed on Russia on Friday. Chicago-based research company AgResource holds that the bear market is reaching a mature stage, but it will take time before a CBOT rally can be sustained.
Brazil's AgroConsult trimmed Brazilian soybean crop estimate to 152.2 million metric tons, as against a prior forecast of 153.8 million metric tons, due to lower than expected yields across Northern Brazil.
Ukraine corn exports will jump in February on aggressive sales due to the need for producer cash flow to seed the 2024 spring crop. Ukraine is expected to export over 4 million metric tons of corn in February, well above last year's 3.3 million metric tons.
Below normal rainfall is forecast for Argentina and South Central Brazil, and near to below normal rain for Northern Brazil. Soybean harvest in Brazil will continue to score strong progress.
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