Chicago corn and soybean futures ended lower on a volatile day of trading Tuesday, as U.S. farmers raced to plant their fields and investors bemoaned a lack of fresh news over the U.S.-China trade war, traders said.
U.S. wheat futures sank to contract lows on Monday on expectations that more rain will hit dry growing areas of the Plains after beneficial showers over the weekend, analysts said.
Chicago soybeans fell down after multiple days of advances on Friday as many traders exited the market on positioning and news that China was denying claims by U.S. President Donald Trump that the two countries are in tariff talks.
Chicago soybean futures rose for a fourth session on Thursday to hold at a two-month high as the potential for demand outside of China appeared to be rising, and comments by U.S. officials on a possible de-escalation in the trade standoff with that country continued to lend some support to the oilseed market.
Soybean prices rose to a two-month high on Wednesday, underpinned by expectations of a de-escalation in the U.S.-China trade conflict, while wheat and corn futures ticked lower.
Chicago soybean futures bounced on Tuesday while corn and wheat eased as broader financial markets recovered from a day-earlier slide and the dollar held near a multi-year low.
Chicago soybeans fell on Monday after an overnight rally with the mood in outside markets souring as U.S. President Donald Trump attacked U.S. Federal Reserve Chair Jerome Powell, causing concerns about the autonomy of the U.S. central bank.
Chicago wheat futures rose on Thursday, supported by concerns that forecasted rain will not be enough to alleviate dryness in some U.S. wheat production regions, analysts said.
Chicago soybean futures gained strength on Wednesday from a weaker dollar and a report that China would be open to trade negotiations with the U.S., though big supplies from South America and nearly nonexistent Chinese demand for U.S. beans continued to loom over the market, analysts said.
Chicago soybean futures fell on Tuesday, a day after hitting a seven-week high, under pressure from weak demand from top buyer China amid an escalating trade war and Brazil's bumper soybean harvest.