US Grain Market Loses Momentum Amid Profit-Taking and Technical Selling

The US grain market lost momentum on August 18 as profit-taking and technical selling took over after a previous week's rally. The downturn affected corn, soybeans, and wheat futures, despite slightly weaker USDA crop-condition ratings and fresh Chinese demand for US soybeans.

Corn posted modest losses, with September futures falling by 1.75 cents to $4.6325 per bushel and December dropping by 1.5 cents to $4.88. The decline in corn prices was expected, given the one-point deterioration in crop ratings contained in USDA's latest Crop Progress report.

Soybeans resisted the broader decline, supported by another US sale to China and concerns about flooding in portions of the eastern Corn Belt. September soybean futures slipped only 0.25 cent to $12.0075 per bushel, while November gained 0.75 cent to $12.1675.

Winter wheat absorbed the heaviest selling pressure after reaching multiyear highs in late July. September Chicago SRW wheat declined by 10.25 cents to $6.6450 per bushel, and September Kansas City HRW wheat fell by 15 cents to $7.4375.