Corn down 2.4 percent

US corn and soyabean futures fell for the second day in a row on Tuesday on pressure from an advancing harvest that provided country elevators and processors around the US Midwest with fresh supplies, traders said. "We have established a short-to-intermediate top of our trading range and we are just kind of retreating back toward the middle of it," said Bill Gentry, broker at Risk Management Commodities. "Harvest progress is getting pretty far along in beans (and we are) over the hump in corn."
Both commodities fell through key technical support points, adding to the bearish tone hanging over the market. Technical selling also weighed on the wheat market, which briefly traded higher but turned negative after failing to break through Monday's high. Corn posted the biggest declines, shedding 2.4 percent on Tuesday and notching its biggest two-day decline in two months.
"The investment money has started backing out of the market again," said Shawn McCambridge, grains analyst at Jefferies Bache. "The investment money exaggerated gains last week and we are just kind of correcting that process." Chicago Board of Trade corn for December delivery settled down 9 cents at $3.64-1/2 a bushel. CBOT December wheat was off 7-3/4 cents at $5.30-1/2 a bushel.
CBOT January soyabean futures were 18-3/4 cents lower at $10.10 a bushel. The declines have pushed Soyabeans nearly 50 cents below last week's peak. US soyabean export inspections hit an all-time high last week as China and other global buyers raced to secure supplies from the large US harvest after a seasonal slowdown in South American shipments. "Evidently the problems of lacking availability have meanwhile been resolved," Commerzbank said in a note. "The robust US soyabean exports also reflect the usual seasonal shifts in supply on the world market, however."
US farmers have harvested 83 percent of the soyabean crop, up from 70 percent a week ago and matching the five-year average pace of 83 percent, the US Department of Agriculture said in a weekly report. The corn harvest was 65 percent complete, up from 46 percent a week ago but below the five-year average of 73 percent, the government said.