Benchmark U.S. corn futures fell nearly three per cent on Monday as worries about trade tensions and ample South American harvests appeared to spur commodity funds to liquidate more of their large net long positions, traders said.
As U.S. secretary of agriculture Brooke Rollins took the stage at the Commodity Classic in Denver about 2,500 farmers inside the Colorado Convention Centre leapt out of their seats and gave her a standing ovation.
Chicago corn was down sharply on Thursday as market players digested numbers from the U.S. Department of Agriculture's Outlook Forum as well as expectations of new U.S. tariffs on imports from Mexico and China, analysts said.
Chicago corn, soy and wheat eased on Wednesday as traders took profits and monitored the possible impacts of U.S. tariffs on imports from Mexico and Canada, set to take effect on March 4 after a 30-day delay.
U.S. corn futures fell to a three-week low on Tuesday, sliding for a third successive session on tariff tensions and improving weather outlooks for South American crop regions, analysts said.
U.S. corn futures fell 1.6 per cent on Monday, retreating from multi-month highs set last week, pressured by profit-taking and improving weather forecasts for South America, analysts said.