Grains Market Slumps on Higher Crop Estimates

The grains market remained under pressure on Thursday due to higher crop estimates for Brazil and Argentina. The CONAB reported that Brazil's corn production is expected to increase, while the Rosario Grain Exchange estimated a record high production of 2.5 million metric tons in Argentina.

Corn prices dropped by 8 3/4 cents per bushel, while soybeans held steady at November levels. Wheat prices also declined due to ongoing problems in the Black Sea region.

The Dow Jones Industrial Average and U.S. Dollar Index saw declines, while September crude oil prices dropped $1.39 per barrel. December gold prices fell by $49.90 per ounce.