CHICAGO- US wheat futures fell about 3 percent, joining a broad sell-off in commodity and equity markets tied to fears of an economic downturn that would dent demand, analysts said.
Corn and soybean futures joined the weaker trend, pressured by recession fears and favorable weather for the expanding US harvest.
Chicago Board of Trade December wheat settled down 30-1/4 cents at $8.80-1/2 per bushel, retreating from a two-month high set a day earlier.
CBOT December corn ended down 11-1/2 cents at $6.76-3/4 a bushel and November soybeans fell 31-1/4 cents to finish at $14.25-3/4 a bushel.
Wall Street equity markets plunged, US crude oil futures dropped nearly 6 percent and the dollar touched a two-decade high, making US grains less competitive globally, as worries mounted about the health of the world economy.
“Everything is interpreted through the lens of global recession that negatively impacts demand for commodities, leading to the selling as we head into the weekend,” StoneX chief commodities economist ArlanSuderman wrote in a client note.
