PARIS/SINGAPORE: Chicago corn eased from a one-week high on Wednesday, curbed by a stronger dollar and caution before a new government forecast of a US crop marked by adverse weather, analysts said.
Wheat futures also fell from a one-week peak as traders weighed ongoing war disruption to Black Sea trade against signs of rising Russian exports through alternative Baltic Sea routes.
Soybeans were steady, underpinned by a currency rally in rival exporter Brazil and expectations of fresh demand from China as a week-long national holiday ends.
The most-active corn contract on the Chicago Board of Trade was down 0.8 percent to USD5.03-3/4 a bushel by 1108 GMT, after hitting its highest since September 30.
Corn rallied on Tuesday after weekly US Department of Agriculture estimates of corn harvest progress and corn crop conditions were below market expectations.
Attention is now turning to the USDA’s monthly World Agricultural Supply and Demand Estimates, due on Friday.
“Friday’s WASDE is encouraging some wait-and-see trade. For corn and soybeans, the main focus will be on changes to US yield estimates,” CM Navigator analyst Donatas Jankauskas said.
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