Global: Profit-takers take a bite out of wheat prices

Grain prices were mixed but mostly lower on Tuesday. Wheat contracts saw the most downside after reaching three-month highs yesterday, which triggered some profit-taking today. Winter wheat prices fell by more than 3%, with spring wheat prices down nearly 2.5%. Corn prices were relatively muted, with losses of around 0.75%. Soybeans failed to gather much forward momentum but did finish the session with fractional gains. Traders next turn their focus on the next World Agricultural Supply and Demand Estimates (WASDE) report from USDA, out tomorrow morning. More rain is likely for the eastern Corn Belt between Wednesday and Saturday - in fact, most areas east of the Mississippi River will collect at least some measurable moisture later this week, per NOAA’s latest 72-hour cumulative precipitation map. In contrast, areas farther west will see little to no rain fall during this time. NOAA’s new 8-to-14-day outlook predicts below-normal precipitation for the Northern Plains and upper ...