US farm markets saw all ag commodities moving sharply lower again, on Wednesday.
Corn prices tumbled 5.30%.
Soybeans lost 2.94%.
The rest of the soy complex also faced noticeable cuts, as soymeal were down 1.35%, while soyoil trended 1.54% lower.
Wheat prices also saw severe cuts once again, with Chicago SRW falling 4.27%, Kansas City HRW losing 4.42%, and MGEX HRS dropping 3.54%.
Some much-needed rains came, and more wet weather is expected to help out thirsty spring crops across the Corn Belt later this week into early July.
Meantime, harvest progress in the Northern Hemisphere also continued, replenishing global supplies.
In Europe, all three markets extended losses, with wheat hitting to its lowest in nearly three weeks.
Oil prices jumped more then 2.5% on bigger-than-expected decline in US crude storage.
The Baltic Exchange’s main sea freight index in London fell for a third straight day.
On Wall Street, US stock indexes were undercut, as central bank chiefs Wednesday kept up their hawkish language.
The DXY rose by +0.41% on Fed Chair Powell’s comments.
Notably, Chicago wheat July contract was down 29.2c/bu to 655.6c/bu;
Kansas wheat Jul contract was down 37c/bu to 800.6c/bu;
Minneapolis wheat Jul contract was down 29.4c/bu to 803.6c/bu;
MATIF wheat Sep contract, was down €5.25/t to €231.25/t;
ASX wheat Jul contract, was down $7.5/t to A$386.5/t;
Black Sea wheat Jul contract was down $1/t to $234.5/t;
US DWI Cash (durum wheat index) was down 2.18c/bu to 787.06c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$1.36/t to C$388.57/t;
EDW (EU durum) Sep contract, was down €12/t to €350.75/t;
Chicago corn Jul was down 33c/bu to 590c/bu;
MATIF corn Aug was down €5/t to €234/t;
Soybeans Jul contract down 44c/bu to 1451c/bu;
Winnipeg canola Jul was down C$28.30/t to C$711/t;
MATIF rapeseed Aug contract, was down €4/t to €430.25/t;
Brent crude Aug was up US$1.77 per barrel to $74.03;
WTI crude Aug was up US$1.86 per barrel to $69.56;
BDI Baltic Dry Index was down 45 points to 1.138;
Dow Jones was down 74.08 points to 33.852,66;
S&P 500 was down 1.55 points to 4.376,86;
NASDAQ Composite up 36.08 points to 13.591,75;
US dollar index (Sep ’23) was up 0.421 points to 102.548;
AUD/USD weaker at US$0.6599;
USD/CAD firmer at $1.3255;
EUR/USD weaker at $1.0913;
USD/RUB firmer at ₽85.9953.