US corn futures fell just over 2 percent on Tuesday in a profit-taking setback after soaring to record highs on Monday amid aggressive fund buying and limit-up wheat markets, traders said. At 10:12 am CST (1612 GMT), Chicago Board of Trade corn was down 11 to 14 cents per bushel, with March down 12 at $5.21-1/4 per bushel.
Traders said the corn market was ripe for at least a temporary downward correction after the market soared on Monday to a record high $5.78 per bushel in the July contract. Wheat markets locked up their daily trading limits on Monday, triggering a large amount of spillover buying of corn and soyabean futures. Export demand for corn remains brisk despite the historically high prices.
On Tuesday, the US Department of Agriculture (USDA) said exporters sold 110,000 tonnes of US corn to South Korea for 2007/08 delivery and trade sources said Taiwan bought 29,000 tonnes of US corn. Oat futures were 6-1/4 cents lower to up 3/4, with March up 3/4 at $4.04-3/4 per bushel.
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