U.S. grain futures fell on Monday as pressure from ample supplies partly unraveled steep gains late last week following a U.S. Department of Agriculture report that projected lower-than-expected U.S. corn plantings.
Chicago Board of Trade corn futures posted their biggest one-day rally since July after the U.S. Department of Agriculture on Thursday reported grain stocks and intended plantings below trade estimates.
Projected corn acres at the lower end of trade expectations was the most notable news after the United States Department of Agriculture (USDA) released its Prospective Plantings and Quarterly Stocks reports on March 28.
Chicago Board of Trade (CBOT) corn and soybean futures ticked down on Wednesday as traders adjusted positions ahead of U.S. Department of Agriculture (USDA) quarterly grain stocks and prospective plantings reports due on Thursday.
Chicago Board of Trade (CBOT) wheat futures fell on Tuesday in technical trading, as large Russian supplies, a strong dollar and fading Chinese demand also weighed on the market, analysts said.
Chicago Board of Trade soybean futures fell more than one per cent on Friday to below $12 a bushel on profit taking a day after the benchmark contract neared a two-month high as farmer soy sales and the dollar's surge added to bearish sentiment, analysts said.
Chicago Board of Trade (CBOT) soybean futures surged to a two-month high on Thursday as worries about threatening weather in Argentina triggered speculative buying and short-covering, analysts said, but the market pared gains after the rally spurred a round of farmer sales.
Chicago Board of Trade (CBOT) soybean futures jumped two per cent on Wednesday, climbing back above $12 a bushel as commodity funds appeared to cover short positions, brokers said, while news of fresh U.S. soybean export sales and excessive rains in Argentina lent support.
Chicago Board of Trade (CBOT) wheat and corn futures strengthened on Tuesday on technical moves as traders seek to unwind short positions ahead of uncertain springtime weather and upcoming U.S. Department of Agriculture reports, analysts said.