CHICAGO: US corn and soybean futures fell on Monday on a technical setback as concerns about the spread of Omicron coronavirus variant caused investors to take some risks out of the market, traders said.
Commodity Futures Trading Commission data released on Friday afternoon that showed large speculators cut their net longs in both commodities added pressure. Some profit taking also was noted after grains and oilseed rallied on Friday.
“We are leaning lower after the strength we saw last week,” said Ted Seifried, chief agriculture strategist with the Zaner Group in Chicago. “We saw the funds had gotten out of a fair amount of their positions.” Wheat futures steadied, with signs of strong demand on the export market underpinning prices and sparking a round of bargain buying on market dips.