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 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.
Chicago wheat fell on Tuesday, pressured by an upward revision to Russia's wheat crop forecast and the latest talks to end the war in Ukraine, while corn eased as strong yield projections from a U.S. Midwest field tour maintained supply pressure.
Chicago soybean and corn futures chopped up and down on Monday as industry players awaited the results of this week's annual Pro Farmer crop tour in the U.S. Midwest, traders said.
U.S. corn and soybean futures rose on Friday on short-covering ahead of the weekend and a closely followed crop tour set to begin surveying fields across the Midwest next week.
U.S. soybean futures declined for the first time in four sessions on profit taking on Thursday after a rally ignited by the U.S. government's lower-than-expected harvest outlook took prices to six-week highs.
U.S. soybean futures climbed to a 1-1/2 month high on Wednesday, extending gains from the prior session after the U.S. Department of Agriculture forecast a much smaller autumn harvest than previously expected.