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.
Chicago Board of Trade soybean futures rose on Thursday, recouping losses from the previous session with support from lingering concerns about poor crop weather in South America, analysts said.
Chicago Board of Trade corn futures pulled back from a 16-month high on Wednesday as traders booked profits and anticipated that recent gains will drive bigger U.S. plantings this spring.
Chicago Board of Trade corn futures reached a 16-month high above $5 a bushel on Tuesday on robust U.S. export demand and expectations that inventories may tighten, analysts said.
Chicago Board of Trade wheat futures Wv1 soared on Friday to their highest price since October, and analysts said support from blistering cold weather in the Black Sea and U.S. Plains regions prompted short covering.