Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
Chicago soybeans fell on Monday after hitting two-month highs on Friday, as industry players lost confidence that Chinese buyers would purchase U.S. soybeans, while dealers assessed exemptions granted to U.S. crude oil refiners for use of soy-based biofuels.
Chicago soybeans rose further on Friday to a two-month peak as brisk weekly exports, hopes that China will revert to buying U.S. crops and a rally in soyoil offset supply pressure from favorable U.S. field conditions.
Chicago soybean and corn futures surged on Thursday on short covering and bargain buying after prices sank low enough to attract buying interest, though supply pressure from favorable U.S. crop conditions continue to loom over the market, analysts said.
Chicago Mercantile Exchange cattle futures fell on Thursday after rising for four consecutive sessions, as traders booked profits and squared positions ahead of the U.S. Department of Agriculture's monthly Cattle on Feed report due after the market's close on Friday, analysts said.
Chicago Mercantile Exchange cattle futures rose for the fourth session in a row on Wednesday, as a continued tight supply of cattle and resilient consumer demand for beef boosted futures, traders said.
Chicago soybean and corn futures chopped up and down on Wednesday as traders monitored results from a U.S. Midwest field tour that initially confirmed strong yield prospects, traders said.