US grains futures edged lower on Tuesday in the absence of export demand despite prices falling to multi-month lows, while Minneapolis wheat prices tumbled 3.2 percent on profit-taking. Traders have been focusing on export demand in the wake of soyabean futures falling to a 13-month low on Monday, corn near a seven-week low and wheat near a five-month low.
Yet, there was little evidence of fresh sales as users were waiting to see whether prices continue to decline on concerns about the global and US economy. Worries about Europe's debt crisis weighed on prices on Monday. "If you take some of the uncertainty out of the market, some of these end users are going to look around and say this is a good deal," said Jim Gerlach, president of A/C Trading, a commodities brokerage in Indiana.
As of 10:05 a.m. CST (1605 GMT), corn for December delivery was unchanged at $5.97 3/4 a bushel at the Chicago Board of Trade (CBOT). December wheat slipped 2 cents, or 0.3%, at $5.89 1/2 a bushel. Soyabeans for January delivery shed 2 cents, or 0.1 percent, to $11.46 a bushel.
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