CHICAGO: Chicago Board of Trade (CBOT) agricultural futures fell across the board on Sunday, led by wheat.
The most active corn contract for December delivery fell 8 cents, or 1.15 percent, to settle at 6.8975 U.S. dollars per bushel. December wheat plunged 32.5 cents, or 3.64 percent, to settle at 8.5975 dollars per bushel. November soybean lost 12 cents, or 0.86 percent, to settle at 13.8375 dollars per bushel.
CBOT grain futures were lower on strong U.S. dollar and as traders fear an aggressive U.S. central bank rate hike in early November.
The U.S. Mississippi River flow will continue to decline over the next two to three weeks. Barge costs will stay historically high which in turn pressures domestic cash basis bids. U.S. corn and wheat export demand is horrible. If weather in Brazil is favorable and CBOT soybean rallies fail, Chicago-based research company AgResource looks to sell CBOT corn, soybean and wheat rallies amid strong economic headwinds