Chicago Board of Trade (CBOT) corn and wheat futures fell back on Thursday on a stronger dollar following rate cuts by the European Central Bank, technical trading and slower-than-anticipated weekly export sales, according to analysts.
Chicago Board of Trade corn futures jumped to a five-and-a-half month high on Tuesday, after the U.S. Department of Agriculture slashed domestic corn supply forecast by more than the market had expected.
Chicago soybean futures dropped on Monday on expectations for a hefty South American crop, while corn futures rose as traders anticipated world supply and demand estimates from the U.S. Department of Agriculture will show smaller U.S. stockpiles.
U.S. soybean futures firmed on Thursday, led by strong gains in soyoil as a smaller-than-anticipated canola harvest outlook in Canada stoked worries about tightening global vegetable oil supplies.
U.S. soybean futures fell on Wednesday on favorable crop weather in South America and concerns about the incoming Trump administration's hawkish approach to trade with top importer China.
Chicago Board of Trade soybean futures ended slightly higher on Friday on technical trading and a flurry of export demand, market analysts said. Investors adjusted positions after Thursday's Thanksgiving Day holiday.
Chicago Board of Trade soybean futures inched up on Wednesday on technical buying and as investors adjusted positions ahead of Thursday's Thanksgiving Day holiday.
Chicago corn and soybean futures fell on Tuesday following U.S. President-elect Donald Trump's threat of tariffs against major trading partners, while forecasts for strong South American crops also pressured prices, traders said.