Chicago Board of Trade (CBOT) Corn, Wheat and Soybean extended their losses Tuesday.
The most active Corn contract for Jul delivery lost 25 cents, or 5.93%, to close at 3.9625 bu.
Jul Wheat delivery fell 14.50 cents, or 3.07%, to settle at 4.585 bu.
Jul Soybean dropped 10.25 cents, or 0.90%, to close at 11.3325 bu.
Corn settled sharply lower on technical selling, agriculture analysts said, adding that the rain weather forecast in the US Midwest prompted funds’ selling.
The Corn market paced the decline on fund liquidation. According to a Chicago-based agriculture consultancy, funds have sold 24,000 contracts of corn before mid-day Tuesday.
Wheat and Soybean followed Corn’s sharp decline Tuesday, according to agriculture analysts.
In its weekly crop progress report released late Monday, the US Department of Agriculture (USDA) rated 75% of US Corn in good to excellent condition as of the week ending 19 June, unchanged from the previous week, but 4% lower than prior year.
USDA said that Winter Wheat harvested finished 14% higher than the previous week. USDA rated 61% of it in good to excellent condition, also unchanged form the prior week. However, the USDA rated 76% of Spring Wheat in good to excellent condition, 2% lower than the previous week.
USDA rated Soybean as 73% in good to excellent condition, which was 1% lower than the prior week.
USDA also said in its daily export sales report Tuesday morning that private exporters reported export sales of 132,000 tonnes of Soybean for delivery to China and export sales of 126,000 tonnes of Soybean for delivery to unknown destinations.
The USDA also announced export sales of 40,000 tonnes of Soybean Oil for delivery to China.