US corn futures rose on Tuesday, clawing back some ground from last week's multi-year lows as traders covered short positions and farmer sales ground to a halt, analysts said.
Wheat futures declined, pressured by profit-taking after recent rallies, while soyabeans were little changed in choppy trade. As of 12:23 p.m. CDT (1723 GMT), Chicago Board of Trade May corn was up 4-1/2 cents at $3.48 per bushel, after dropping last week to $3.32, a contract low and the cheapest price for a most-active futures contract on a continuous chart since September 2016.
CBOT May wheat was down 2-1/2 cents at $5.60 a bushel and May soyabeans were up 1/2 cent at $8.84-1/2.
Corn rallied after falling sharply last week as a plunge in crude oil futures hammered margins for US producers of corn-based ethanol fuel, prompting some to cut back on production.
While the poor outlook for ethanol continued to hang over the market, CBOT corn futures bounced as farmer offerings of the yellow grain stalled.
Wheat futures fell on profit-taking a day after the CBOT May contract surged 4% to a one-month high, fueled by milling demand as consumers stayed home to avoid the coronavirus and stockpiled bread.
Additional pressure on Tuesday stemmed from improving crop ratings for winter wheat in several US Plains states that bolstered yield prospects. Soyabean futures were choppy while expectations of a pick-up in demand for soyameal underpinned values.
Traders were looking ahead to the US Department of Agriculture's March 31 planting intentions and quarterly stocks reports, which have a history of jolting CBOT futures. Some analysts noted that the recent declines in CBOT corn futures occurred after the USDA surveyed farmers, in early March, for its plantings report.
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