U.S. Grain Prices Tumble, Led by Energies

CHICAGO—U.S. wheat, soy and corn futures fell on Tuesday in sympathy with declines in other commodity markets, including crude oil and gold, traders said.

U.S. crude oil futures were down more than 2 percent on the New York Mercantile Exchange, with December down more than $2 at $91.50 a barrel, after reaching an all-time high near $94 on Monday.

The biggest declines at the Chicago Board of Trade were in wheat, with December down nearly 2 percent, falling 15-1/2 cents to $8.13 per bushel by 12:15 p.m. CDT (1715 GMT).

November soybeans were down 16-1/2 cents, or 1.6 percent, at $9.94-1/2 per bushel. December corn was down 6 cents, or 1.6 percent, at $3.70 a bushel.

Traders were booking profits after the December wheat contract climbed its 30-cent limit on Monday on export rumors, a weak U.S. dollar and a surge in crude oil prices.

Grain analysts also cited a research note from investment bank Goldman Sachs on Tuesday that recommended closing long positions in oil, gold and agriculture commodities.

"We ... are closing our long WTI (oil) and long agriculture and gold positions. We are not trying to call a top here, just take profits from a tactical perspective, as prices could continue to rise in the coming weeks," Goldman said.