CHICAGO: US corn futures fell on Monday, halting a four-session rebound from contract lows set last week, as traders worried about export prospects for US grains, analysts said.
Soybeans and wheat futures also declined.
Chicago Board of Trade (CBOT) May corn settled down 1-3/4 cents at $3.71-1/2 per bushel.
CBOT May soybeans ended down 3-1/2 cents at $9.05-3/4 a bushel and May soft red winter wheat fell 5-1/2 cents at $4.56-3/4 a bushel.
Corn futures were pressured in part by disappointing weekly US export data. The US Department of Agriculture reported export inspections of US corn in the latest week at 795,241 tonnes, down from an adjusted figure of 803,351 tonnes the previous week.
"These exports have been running weaker and weaker for corn," said Brian Basting, an analyst with Advance Trading in Bloomington, Illinois.
"It's impossible to say when or if a trade deal (with China) might be struck ... But the export market is weak right now," Basting said, noting competition from Ukraine and strong crop production prospects in South America.
CBOT soybean futures also declined, reflecting the absence of fresh developments in US-China trade talks, in which soybean shipments are a major issue.
Traders noted prospects for wet weather and flooding in northwestern portions of the Midwest Corn Belt and the Mississippi River Delta to delay corn planting and encourage farmers to switch some acres to soybeans, which can be seeded later in the season.
CBOT wheat futures posted the largest declines on a percentage basis, with the May contract pressured by lackluster export inspections. The USDA reported weekly export inspections of US wheat at 353,727 tonnes, below a range of trade expectations for 400,000 to 700,000 tonnes.
However, Minneapolis Grain Exchange spring wheat futures rose, with the May contract up 6 cents at $5.60-3/4 a bushel, supported by news that Ethiopia was seeking 400,000 tonnes of milling wheat.
Worries about US spring wheat planting delays due to deep snows and frozen soils in the northern Plains added support.
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