Chicago Board of Trade corn and wheat futures again fell to contract lows on Tuesday on technical selling linked to a bumper Russian wheat crop and the approaching US corn harvest, traders and analysts said. Prices for each commodity trimmed earlier losses, with some CBOT wheat contracts turning narrowly higher on light bargain buying. MGEX spring wheat futures dropped about 1 percent and European milling wheat sank to lifetime lows.
CBOT December corn was down 2-1/4 cents to $3.48-3/4 per bushel, above their earlier contract low of $3.47. CBOT December wheat up 1 cent to $4.29 per bushel at 12:18 p.m. CDT (1718 GMT). CBOT November soyabean futures eased 2-1/4 cents to $9.39 per bushel, edging lower after the US Department of Agriculture late on Monday unexpectedly boosted condition ratings for the US soya crop.
Abundant global grain and soya supplies continued to anchor prices in the absence of bullish news to propel gains. Some investors also were beginning to square their positions ahead of the three-day US Labor Day holiday weekend. Top global wheat buyer Egypt bought 295,000 tonnes of wheat from Russia and Ukraine in a tender in which no US supplies were offered.
USDA on Monday said 61 percent of the soyabean crop was in good to excellent condition, up from 60 percent last week. Analysts surveyed by Reuters had expected soya ratings to stay steady. USDA said 62 percent of the US corn crop was in good to excellent condition, unchanged from last week.
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