The price of wheat for May delivery fell 22.25 cents, or 3.2 per cent, to $6.8375 a bushel, dropping below $7 a bushel for the first time since June 22.
This year's weather patterns in the Plains region suggest that wheat farmers will experience a more normal growing season after last year's drought, says Richard Feltes, vice-president of research at R.J. O'Brien.
"It looks as if March 2013 is very much unlike March of 2012, when we were in a mode of warm temperature and dry days," says Feltes. "It turns out that was a precursor of a drought."
Expectations that India will boost exports also weighed on wheat prices. "India is becoming a wheat powerhouse," said Sterling Smith, a commodities strategist at Citigroup.
May corn fell 20.50 cents to $6.8850 a bushel. Soybean prices for May delivery were unchanged at $14.660 a bushel.
Metal prices were mixed.
Silver for May delivery rose 19.90 cents to $28.8030 an ounce. Palladium for June delivery gained $5.45 to $740.05 an ounce.
Platinum for April delivery fell $5.90 to $1,579.80 an ounce. Copper for May delivery also fell, dropping 2.2 cents to $3.4930. Gold for April was unchanged at $1,574.90.
The price of oil fell 39 cents to $90.34 a barrel. Oil had dropped as low as $89.55 a barrel. It recovered some of the ground it lost after a Federal Reserve report showed that the U.S. economy strengthened across much of the country.
In other energy trading, wholesale gasoline fell 2.35 cents $3.1247 a gallon. Heating oil rose less than a cent to $2.9756 a gallon. Natural gas fell 5.9 cents to $3.47 per 1,000 cubic feet.Suggest a correction