Grain Futures Plunge Amid Profit-Taking Pressure

Grain futures plummeted overnight due to heavy profit-taking pressure from shorter-term traders. At 6:00 a.m. CDT, December corn was down 12 1/2 cents, while November soybeans fell by 12 3/4 cents and December soybean meal dropped $0.90. The Baltic dry index hit nearly three-year high, up 5.5% to 3,331 points.

The European Union is exploring all possible lanes to support grain exports from Ukraine, including solidarity lanes, but low water levels on the Danube are complicating efforts. Meanwhile, US-China tensions ran high at a G20 finance chiefs meeting in North Carolina this week over a dispute about trade imbalances.

The Federal Reserve's August Beige Book found that agriculture conditions remained strained across the US, with some districts reporting slight improvements but others still experiencing drought and poor crop production.