Corn, wheat, and soybean prices are falling on the Chicago exchange

On Tuesday, the Chicago Board of Trade (CBOT) recorded a decline in prices for major crops. The most active corn contract fell by 0.3 percent to $4.53-1/2 per bushel. Wheat dropped in price by 0.4 percent, trading at $6.13-3/4 per bushel, which is close to the minimum levels since early July. Soybean quotes decreased by 0.1 percent to $12.51 per bushel. As a Singapore-based trader noted, seasonal pressure from harvesting is forcing funds to liquidate long positions.

According to the weekly report of the US Department of Agriculture, as of Sunday, the country has completed harvesting 79 percent of the soybean crop and 60 percent of the corn crop. The rapidly advancing harvesting campaign in the US increases pressure on corn prices, augmenting already large stocks and global export volumes, while adequate soybean volumes also weigh on the market.

Wheat previously reached a low since early July amid reports that Russia is studying various proposals to ensure the safe transportation of grain through the Black Sea and is maintaining contacts on this issue with Turkey, as stated by Russian Deputy Foreign Minister Alexander Alimov, cited by the Interfax agency.

Soybean prices experienced additional pressure due to the weakening of the Brazilian currency. The Brazilian real fell by about 12 percent against the US dollar in spot trading following the reelection of President Luiz Inácio Lula da Silva, which reversed the investor optimism observed after the first round of voting. A cheaper local currency makes Brazilian exports more affordable for global buyers, creating a competitive advantage over US supplies.