Soybean, corn and wheat futures in the United States fell on Monday, because a widespread liquidation and losses in other markets overshadowed concerns about poor crop weather and strong export demand for US soybeans, analysts said.
world stocks and Treasury bond fell, as did commodities, as US inflation fueled concerns about an even more aggressive tightening of monetary policy by the Federal Reserve.
In the chicago stock exchangeSoybean futures extended their decline after approaching a record high last week. Wheat futures fell after rising earlier on concerns about warm weather in western Europe and doubts about talks to open a shipping corridor for Ukrainian grains.
The most active soybean futures were down 40.5 cents at $17.05 a bushel by 15:45 GMT. Corn was down 8 cents to settle at $7.6525 a bushel, while wheat was down 6.75 cents at $10.64 a bushel.
The expected heat in the US Midwest fueled some early concerns among traders about unfavorable conditions for corn and soybeans.
However, some analysts said corn could benefit from a heat wave after cold, wet weather delayed spring plantings.
The market will continue to be very reactive to weather forecasts and chances of rain, especially as forecasts call for above-normal temperatures for the next couple of weeks,” CHS Hedging said in a note.
Traders are also monitoring talks aimed at resuming Ukrainian grain exports from the Black Sea, interrupted since the Russian invasion.
“The situation in Ukraine remains a source of concern, to which must now be added the climatic situation in Western Europe,” said the Agritel consultancy.
