Investing.com - U.S. soybean and corn futures edged lower on Tuesday, one day after rallying sharply amid speculation lower prices will increase near-term demand for U.S. supplies.
On the Chicago Mercantile Exchange, U.S. soybeans for November delivery declined 0.23%, or 2.4 cents, to trade at $11.0520 a bushel during U.S. morning hours.
The November soybean contract surged 2.24%, or 24.2 cents, on Monday to settle at $11.0760 a bushel, on expectations of strong demand following a steep decline in prices.
Prices of the oilseed slumped to a contract low of $10.5500 a bushel on July 23 as indications of ample global supplies drove prices lower.
Meanwhile, U.S. corn for December delivery shed 0.46%, or 1.6 cents, to trade at $3.7500 a bushel.
The December corn contract rallied 1.34%, or 5.0 cents, on Monday to end at $3.7660 a bushel, as investors sought cheap valuations in wake of recent losses.
Corn prices fell to a four-year low on July 24 as ongoing expectations for a record U.S. harvest continued to weigh.
Elsewhere on the CBOT, U.S. wheat for September delivery dipped 0.25%, or 1.32 cents, to trade at $5.3288 a bushel.
The September wheat contract dropped 0.6%, or 3.2 cents, on Monday to settle at $5.3460 as prospects of ample global supplies weighed.
Wheat prices fell to a four-year low of $5.2020 a bushel on July 23 as harvest progress in the northern hemisphere underlined the view of ample global supplies.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.