Grain prices today: U.S. wheat prices lost more than 4%. Corn and soybeans also traded lower due to increased concerns about the slowdown in global economic growth, analysts said. Meanwhile, the market expects the beginning of the harvest campaign in the Midwest.

December CBOT wheat futures ended trading 37 1/4 cents lower at $7.94 1/4 per bushel. December corn futures were down 12 1/2 cents to $6.58 a bushel. November soybean futures ended trading down 27 3/4 cents, at $13.94 3/4 per bushel.

Local grain prices — what’s happening in the market?

Wheat prices were down the most in percentage terms amid a stronger dollar that is reducing the international competitiveness of U.S. grains.

Wheat exports from Russia are expected to rise to 4 million tons in September from 3.5 million tons in August thanks to a record-high harvest, traders and industry experts say. Meanwhile, corn and soybeans are under downward pressure as crops of both crops are almost ripe in the U.S. agricultural belt.

The market lacks fundamental benchmarks. The weekly U.S. Department of Agriculture export sales data, normally released on Thursdays, will not be released until September 15 due to technical problems.

Traders ignored the news of new U.S. soybean sales. The Department of Agriculture confirmed the sale of 396,000 tons of soybeans to unknown buyers. That said, there have been several such export deals in the past two weeks.

StoneX lowered its 2022 average U.S. corn yield forecast to 173.2 bushels per acre from an August estimate of 176.0 bushels per acre. The U.S. soybean yield forecast was raised to 51.8 bushels per acre from the previous estimate of 51.3 bushels per acre.

Earlier, we reported that oil was rising in price ahead of the OPEC+ meeting.