Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.
The most active corn contract for December delivery fell 12.25 cents, or 2.51 percent, to settle at 4.755 U.S. dollars per bushel. December wheat plunged 17.75 cents, or 2.77 percent, to settle at 6.2375 dollars per bushel. November soybean lost 20.75 cents, or 1.56 percent, to settle at 13.0525 dollars per bushel.
Broadly favorable weather in the United States and Europe in July and early August has triggered the return of fund liquidation. Wheat found a newer low while CBOT corn traded at the lowest level since harvest 2021. Momentum-based selling continued. Volume remained rather tepid.
U.S. crop-finishing weather is important. Chicago-based research company AgResource holds that better selling opportunities lie ahead beyond summer.
The National Oilseed Processors Association (NOPA) July crush data leans bullish of soybeans. NOPA member crush in July totaled 173.3 million bushels, as against 165 million bushels in June, up 3 million bushels year on year and a record for the month.
Paris milling wheat futures ended 3 euros lower per metric ton. Paris corn has been weak in 14 of the last 16 sessions. The EU grain market is well supplied, and grain production in Ukraine is also larger than previously expected.
A weather pattern of above-normal temperatures in Central U.S. will last into Aug. 29-30. The rapid expansion of a high pressure ridge will fuel at least 10 to 12 days of complete dryness and extreme heat across the Central Plains and Western Midwest.