Grain futures on the Chicago Board of Trade fell sharply early on Tuesday amid a wave of profit-taking and long liquidation across the floor, traders said. Prices had climbed to levels that some analysts viewed as lofty and unsustainable. Front-month corn futures, for example, had climbed to a 29-month high at year-end. Selling also was seen as a pre-emptive move ahead of index fund rebalancing, which is expected to begin on Wednesday.
Flooding in Australia was watched for its impact on the transportation of its harvested wheat. Falling crude oil futures also weighed on soybean futures, traders said. The front-month February crude oil contract fell by more than $2 a barrel, trading well below $90 a barrel. CBOT trends at 10:24 am CST (1624 GMT) on Tuesday: March wheat down 2-3/4 cents at $8.02-3/4 per bushel. March corn down 11-1/2 cents at $6.09 per bushel. January soyabeans down $3.10 at $362.60 per ton.
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