CBOT corn eases on South American rains, weaker soybeans
- CBOT most-active March corn fell 4-1/4 cents to $4.19-3/4 cents per bushel.
- Concerns about rising tensions between the United States and China hung over the market.
CHICAGO: Chicago Board of Trade corn futures fell on Tuesday on improved South American crop prospects following recent rains and on spillover pressure from a sinking soybean market, traders said.
CBOT most-active March corn fell 4-1/4 cents to $4.19-3/4 cents per bushel.
Recent storms have lessened early-season drought stress on crops in parts of Brazil and Argentina. Updated forecasts have also projected better rains over the next two weeks.
Concerns about rising tensions between the United States and China hung over the market. Exporters have been awaiting fresh sales to China that would build on the already-record-large US corn purchases made this year.
Traders are looking ahead to Thursday's US Department of Agriculture (USDA) monthly supply-and-demand report, which is expected to show tighter US and global stocks and smaller crops in Argentina and Brazil.
Comments
Comments are closed.