Chicago | Reuters—Chicago corn and soybean futures eased from the previous session’s multi-month peaks on Wednesday on profit taking and timely rains forecast for Argentina, said analysts.
Meanwhile, news that China, the world’s biggest soybean buyer, has stopped receiving Brazilian soybean shipments from five firms after cargoes did not meet phytosanitary requirements also weighed on the markets, analysts said.
The most active corn contract on the Chicago Board of Trade (CBOT) Cv1 settled down 5-3/4 cents at $4.84-1/4, having earlier reached its highest peak since Dec. 6, 2023.
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The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 11-1/4 cents at $10.56 a bushel, having reached its highest point since July 26.
Wheat followed corn and soybeans lower, but found support in concerns about severe cold in U.S. crop belts, with winterkill risks on Wednesday for soft red winter wheat in parts of the central U.S., according to Commodity Weather Group.
CBOT wheat Wv1 was down 4-3/4 cents at $5.54 a bushel. Earlier in the session, it touched the highest point since Dec. 11.
Dips in soybean and corn futures on Wednesday could largely be attributed to technical corrections, said Karl Setzer, partner at Consus Ag Consulting, with some profit-taking following Tuesday’s rallies.
Traders were also monitoring weather prospects in South America, said Randy Place, analyst at Hightower Report, with forecasts indicating rainfall in parched Argentine crop belts in the week ahead.
The market also was assessing a Reuters report about China’s move regarding Brazilian soybean shipments, analysts said. The suspension comes as Brazil has been bolstering its share of the world’s biggest soybean market at the expense of the No. 2 exporter, the United States.
It was not clear how long the suspension would last, although traders expected it to be short-term.
—Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra
