Investing.com - U.S. grain futures were lower on Tuesday, as investors cashed out of the market to lock in gains from Monday’s sharp rally that took prices to a one-month high.
Market players continued to focus on weather conditions and crop prospects in the U.S. Midwest and Great Plains-region.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.9638 a bushel, down 0.9%. The December corn contract settled up 6.5% at USD5.0040 a bushel on Monday, the strongest level since July 25.
It was the biggest single-day gain for a most-active contract since June 25, 2012.
Monday’s rally came after updated weather forecasting models pointed to warmer and drier weather across major corn-growing states in the U.S. Midwest during the next three-to-five-days, fuelling concerns over potential crop damage.
The Pro Farmer Midwest Crop Tour estimated the U.S. corn crop 13.46 billion bushels, with a yield of 154.1 bushels per acre.
That would be down from the U.S. Department of Agriculture’s August estimates of 13.8 billion bushels and 154.4 bushels per acre.
Elsewhere on the CBOT, soybeans futures for November delivery traded at USD13.8763 a bushel, down 0.1%. The November contract settled 4.65% higher at USD13.8940 a bushel on Monday, the strongest level since July 24.
The oilseed recorded its largest one-day gain for a most-active contract since October 11, 2011.
Soy prices surged on the back of the same weather conditions that boosted corn futures.
Meanwhile, findings from the Pro Farmer Midwest Crop Tour showed that the U.S. soybean harvest was likely to be smaller than the latest government estimates.
Pro Farmer projected a U.S. soy crop of 3.158 billion bushels, with a yield of 41.8 bushels per acre, down from the U.S. Department of Agriculture's most recent estimates of 3.255 billion and 42.6 bushels per acre.
Tour participants include farmers, brokers, hedge fund analysts, agronomists and grain buyers, who travel the main corn-and-soybean-growing regions in seven states over four days.
Meanwhile, wheat for December delivery traded at USD6.6363 a bushel, down 0.55%. The December contract settled up 3.2% at USD6.6660 a bushel on Monday, the highest since July 16 and the biggest one-day gain since April 29.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
Market players continued to focus on weather conditions and crop prospects in the U.S. Midwest and Great Plains-region.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.9638 a bushel, down 0.9%. The December corn contract settled up 6.5% at USD5.0040 a bushel on Monday, the strongest level since July 25.
It was the biggest single-day gain for a most-active contract since June 25, 2012.
Monday’s rally came after updated weather forecasting models pointed to warmer and drier weather across major corn-growing states in the U.S. Midwest during the next three-to-five-days, fuelling concerns over potential crop damage.
The Pro Farmer Midwest Crop Tour estimated the U.S. corn crop 13.46 billion bushels, with a yield of 154.1 bushels per acre.
That would be down from the U.S. Department of Agriculture’s August estimates of 13.8 billion bushels and 154.4 bushels per acre.
Elsewhere on the CBOT, soybeans futures for November delivery traded at USD13.8763 a bushel, down 0.1%. The November contract settled 4.65% higher at USD13.8940 a bushel on Monday, the strongest level since July 24.
The oilseed recorded its largest one-day gain for a most-active contract since October 11, 2011.
Soy prices surged on the back of the same weather conditions that boosted corn futures.
Meanwhile, findings from the Pro Farmer Midwest Crop Tour showed that the U.S. soybean harvest was likely to be smaller than the latest government estimates.
Pro Farmer projected a U.S. soy crop of 3.158 billion bushels, with a yield of 41.8 bushels per acre, down from the U.S. Department of Agriculture's most recent estimates of 3.255 billion and 42.6 bushels per acre.
Tour participants include farmers, brokers, hedge fund analysts, agronomists and grain buyers, who travel the main corn-and-soybean-growing regions in seven states over four days.
Meanwhile, wheat for December delivery traded at USD6.6363 a bushel, down 0.55%. The December contract settled up 3.2% at USD6.6660 a bushel on Monday, the highest since July 16 and the biggest one-day gain since April 29.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.