US wheat fell on Wednesday, led by a 3 percent plunge in top-quality spring wheat which posted its biggest drop in nearly two months on profit-taking and a bigger-than-expected Canadian wheat crop. Corn and soybeans also turned down on profit-taking after three straight days of gains. Trading was volatile as gold plunged and equities seesawed due to the uncertain economic conditions.
"The outsides are taking over again, the Dow turned down (from earlier big gains) and I think everyone is pretty nervous," said Jerry Gidel, analyst for North America Risk Management Inc. CBOT September wheat was down 8 cents at $$7.49-1/4 per bushel. High protein spring wheat traded on the Minneapolis Grain Exchange ended down 24-1/4 cents at $9.26 in the spot September contract.
New-crop December corn was down 1/2 cent at $7.43 and new-crop November soya was down 3-3/4 at $13.93-1/2. Corn reversed from a contract high in December of $7.48-3/4 per bushel set earlier The wheat market traded higher early in the session but moved lower and failed to recover after Minneapolis wheat plunged.