Corn futures on the Chicago Board of Trade fell 1.3 percent on Tuesday, pressured by strength in the US dollar and end-month positioning, traders said. But CBOT wheat futures were firm, led by the Kansas City market as dry weather in parts of the US Plains and unwanted rains in Australia raised concerns about global supplies of high-protein wheat.
Soyabeans rose after confirmation of fresh sales of US soya to an unknown destination. CBOT trends at 10:15 am CST (1615 GMT) on Tuesday. December wheat up 1/4 cent at $6.50-1/2 a bushel. KCBT December up 4-1/4 cents at $7.30-3/4; MGEX December spring wheat up 3-1/2 at $7.40.
Deliveries on CBOT December totalled 4,056 contracts on first notice day, within estimates for 2,000 to 5,000. Dry weather continues stressing the wheat crop in the western US Plains hard red winter wheat region and there is no relief in sight for at least the next 10 days.
December corn down 7-1/2 cents at $5.30-3/4 a bushel. Firm dollar, lower crude oil and weak equities markets weigh, in addition to pressure from larger-than-expected deliveries on the December contract. Deliveries on December totalled 1,351 contracts on first notice day, above estimates for 500 to 900.
January soyabeans up 1/2 cent at $12.35-1/2 per bushel. Firming in thin trade on technical buying, end-month positioning and confirmation of fresh US soyabean sales. Concerns about dry weather in Argentina add support. But sell-off in corn and firmer dollar limit rally. China seen importing little corn, more soya in 2011, said COFCO chairman.