SINGAPORE/PARIS: Chicago corn fell for a third consecutive session on Tuesday, hovering close to its lowest since early October as near-perfect planting weather across Brazil anchored the market.
Soybean futures also declined for a third session, trading close to their lowest in more than three weeks hit on Monday, under pressure from a steep decline in Chinese prices.
The Chicago Board of Trade most-active corn contract gave up 0.2 percent to $3.36-1/2 a bushel by 1230 GMT, having dropped on Monday to its lowest since Oct. 3 at $3.35-1/2.
Soybeans fell 0.4 percent to $9.80-3/4 a bushel, having closed down 0.2 percent on Monday. Wheat rose 0.5 percent to $3.93-1/2 a bushel after a more than 2 percent drop in the previous session.
"There is plenty of corn supply in the United States and South American plantings are progressing well in normal conditions," said Kaname Gokon at brokerage Okato Shoji in Tokyo.
US farmers have nearly finished gathering corn with the latest report from the US Department of Agriculture putting the harvest progress at 93 percent, almost matching the average pace of 92 percent. The soybean harvest was 97 percent complete, slightly above the five-year average of 95 percent.
Farmers in Brazil were actively planting corn, with recent rains in dry areas boosting crop prospects, traders said.
Chinese soybean prices, like other commodities, slumped on Tuesday as speculators dashed out of futures markets because of concerns that regulators may tighten curbs to tame price swings.
China buys more than 60 percent of soybeans traded worldwide.
Wheat rebounded from a more than 2 percent fall on Monday but remained under pressure from plentiful supplies and a strong US dollar, making US grains less attractive on the world market.
Russian farmers have sown winter grains on the largest area in the last seven years and will plant more in the coming weeks, improving prospects for the 2017 crop, analysts said.
The dollar edged lower on Tuesday but remained close to an 11-month high hit on Monday as bond yields soared after Donald Trump's US presidential election win, bringing buyers back to the US currency.
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