LONDON (Commodity Online): The agriculture complex tumbled across the board as the downbeat economic outlook takes its toll on market sentiment. Demand worries rattled the market, as the FOMC meeting did not introduce QE3 and warned the market of negative economic risks ahead.

The prompt CBOT Corn contract came off 5.21%, the lowest level since July, while soybeans and Wheat saw corrections of 2.84% and 4.95%, the lowest level since December 2010 and July this year, respectively.

Despite the near-term persistent drought that has delayed plantings of the winter wheat, Wheat prices dropped on Thursday as US wheat producers lost another chance to sell to Egypt. Egypt, the largest importer of wheat, chose to buy from Russia over the US yet again. The weekly USDA export sales data showed a large week-onweek fall in Corn exports.

The US exported 627.5 kt, down from last week’s 1.17 mt, to only a handful of countries. In contrast, exports of wheat jumped 88% from the previous week to 886.1 kt. The soft commodities prices also suffered severely on the day, with the ICE Coffee front contract down by 5.04% and Sugar shaving off 4.32%.

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