Chicago Board of Trade (CBOT) wheat, soy and corn futures fell for a second straight day on Tuesday, weighed down by sustained competition abroad and improving U.S. planting weather on the horizon, analysts said.
Managed money fund traders continue to chip away at the large net short position in canola futures, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
U.S. wheat futures spiked to a one-month high on Friday as the market was unsettled by spring weather risks in the northern hemisphere and renewed tensions in the Black Sea.
Wheat prices on the Canadian Prairies were mixed during the week ended Mar. 31. Canadian Western Red Spring Wheat and Canadian Western Amber Durum were lower, while there were increases Canada Prairie Red Spring Wheat.
Soybeans dropped on Thursday following lower-than-expected weekly export sales data from the U.S. Department of Agriculture (USDA), seasonally rising supplies from the South American harvest and falling soyoil prices.
U.S. corn futures rose on Wednesday on technical buying and short covering that lifted prices from Tuesday's one-month lows as traders assessed Midwestern weather conditions before the spring planting season.
U.S. corn futures dropped on Tuesday on forecasts for good spring planting weather, easing concerns about a lower-than-expected acreage outlook from the U.S. Department of Agriculture (USDA) last week.
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.