Chicago | Reuters—Chicago corn and soybean futures seesawed on Monday as market players weighed an uptick in fund buying interest against the prospect of a bumper South American corn and soy crop, traders said.
Wheat futures fell on weakened export demand, though a hefty wheat purchase by Saudi Arabiaand the Russian government’s move to slow export sales supported the market.
“There’s decent demand for corn and beans, and managed money is buying corn and soy,” Jim Gerlach, president of A/C Trading, said.
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Chicago Board of Trade corn Cv1 settled up 3 cents at $4.45 a bushel.
Soybeans Sv1ended down 6-1/4 cents at $9.82 a bushel after the National Oilseed Processors Association reported the U.S. crush declined in November from an all-time high a month earlier and fell short of most trade estimates.
However, losses in soybeans were limited as the crush was still the largest November on record and fourth-largest for any month.
Favorable South American crop conditions and a lack of weather threats have pressured corn and soy futures, though both have received support from bargain buying after price falls late last week.
Corn last week touched its highest level since June after the U.S. Department of Agriculture cut its estimate for U.S. end-of-season stocks, but disappointing U.S. corn and soybean export sales last week caused price weakness on Thursday and Friday.
Chicago Board of Trade most-active wheat Wv1 settled down 2-1/4 cents at $5.50 a bushel.
Saudi Arabia purchased 804,000 metric tons of wheat on Monday, well above the 595,000 tons it sought in the tender.
Though the U.S. is not expected to supply the wheat, a large purchase takes a hefty chunk of the grain out of the market, traders said.
“The purchase gave the market a bit of a boost,” Austin Schroeder, analyst at Brugler Marketing, said.
—Additional reporting by Michael Hogan in Hamburg, Peter Hobson in Canberra
