Investing.com - U.S. soybean and corn futures edged lower on Tuesday, one day after rallying more than 3% on the back of concerns over a slowdown in the U.S. harvest due to rains in the Midwest.
On the Chicago Mercantile Exchange, U.S. soybeans for November delivery traded at $9.3563 a bushel during U.S. morning hours, down 6.58 cents, or 0.7%.
A day earlier, prices of the oilseed surged 30.0 cents, or 3.29%, to settle at $9.4220.
According to the U.S. Department of Agriculture, approximately 20% of the U.S. soy harvest was completed as of last week, below the five-year average of 35% for this time of year.
Meanwhile, U.S. corn for December delivery shed 1.52 cents, or 0.46%, to trade at $3.3088 a bushel.
Corn futures rallied 9.2 cents, or 2.86%, on Monday to end at $3.3240 a bushel.
The USDA said Monday that nearly 17% of the U.S. corn harvest was completed as of last week, compared to the five-year average of 32% for this time of year.
Updated weather-forecasting models called for wet weather across the Midwest, which was expected to slow harvesting of a record soybean and corn crop.
The USDA in September estimated this fall's U.S. soybean harvest would reach an all-time high of 3.913 billion bushels, while the corn harvest was forecast at a record 14.395 bushels.
The agency is scheduled to update its estimates on October 10.
Elsewhere on the CBOT, U.S. wheat for December delivery tacked on 0.47 cents, or 0.1%, to trade at $4.9188 a bushel.
A day earlier, wheat prices jumped 5.6 cents, or 1.18%, to close at $4.9140, as indications of increased demand for U.S. supplies supported prices.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.