SYDNEY: US corn edged lower for the first time in four sessions on Wednesday on ample global supply, retreating from its highest in more than two months touched the day before.
Soybeans were little changed after closing down 1 percent in the previous session, while wheat was steady.
The most active corn futures on the Chicago Board of Trade fell 0.14 percent to $3.47-3/4 a bushel after closing up 0.65 percent in the last session. Prices on Tuesday hit their highest since July 20 at $3.49 a bushel.
Analysts said bumper global corn supplies were weighing on prices, while moves by Argentina to delay a proposed tax cut was adding support.
"Weather permitting, South America is also looking like it will add to existing supply pressures," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
"Brazil's farmers will respond to very high local prices by planting more corn and Argentina's maintenance of its current soybean export tax regime until 2018/19 will likely encourage more corn production."
Argentina will not reduce soy export taxes this year or in 2017 as previously announced, President Mauricio Macri said on Monday.
Gains were checked by an advancing US harvest.
The US Department of Agriculture said the US corn harvest was 24 percent complete by Sunday, behind the trade estimates' average of 25 percent and the five-year average of 27 percent.
The most active soybean futures were little changed at $9.63 a bushel, having closed down 1 percent on Tuesday.
Analysts said an advancing US harvest and expectations for less Argentina exports continued to support the oilseed.
The US soybean harvest was 26 percent complete as of Sunday, ahead of the trade estimates' average of 25 percent but behind the five-year average of 27 percent, the USDA said.
The USDA also said 74 percent of US soybeans were in good or excellent shape, up 1 percentage point from a week ago.
The most active wheat futures were unchanged at $3.95-1/2 a bushel, having closed steady on Tuesday.
The US winter wheat crop was 43 percent planted, behind the five-year average of 45 percent and analysts' average expectation of 47 percent.
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