Grain markets have been under pressure this week as crop weather improved in South America following recent dryness in Argentina and excessive rains in key parts of Brazil.
"They (farmers) will start selling a lot of the beans in April or during the Ramadan month because there will be a lot of spendings for that month," one of the traders said, adding the main harvest would start in May.
A break could lead to a gain into a range of $1,761 to $1,783. On the daily chart, gold is riding on a wave 4, which is ending around a falling trendline.
The lowest offer for nearby shipment in April was said to be $323.97 a tonne c&f. Both offers were said to have been submitted by trading house Dreyfus.
Signals on the chart of the June contract also suggest a drop, as confiremd by the bearish divergence on the hourly RSI and an exhaustion gap forming on March 12.
The most-traded May copper contract on the Shanghai Futures Exchange climbed 1.1% to 67,770 yuan ($10,421.34) a tonne. Earlier in the day, it hit its highest since March 3 at 68,230 yuan.
"That is more than usual. But we have had a pretty good run-up in prices," said Kress, who grows about 3,000 acres (12 square kilometers) of wheat each year in southeast Idaho.