The Chicago Board of Trade saw a notable drop in grain prices with wheat, corn, and soybeans all closing lower.
The fall in prices is tied to a broader slump in global financial markets, driven by investor concerns over a potential U.S. recession and the ensuing risk aversion.
Wheat prices dropped 2.4% to settle at $5.25-3/4 per bushel, while corn fell 1.2% to $3.98-1/4 per bushel. Soybeans decreased slightly by 0.5%, ending the day at $10.21-1/4 per bushel. Despite the weak dollar, which typically favors U.S. exports, the overall negative sentiment in global markets overshadowed any potential gains.