US soyabean futures fell 1.1 percent on Tuesday, setting back from a 4-1/2 month high on a round of profit taking as well as pressure from falling crude oil prices. Corn and wheat futures also fell, on track for their fourth straight losing session due to pressure from ample global supplies. Chicago Board of Trade December soft red winter wheat futures hit a new contract low.
Soyabeans dropped as speculators sold off positions they had built up during an export-fuelled rally. A 4-percent drop in crude oil prices, stemming from signs that leading oil exporters in OPEC were struggling to agree on a deal to cut production, added to the bearish tone hanging over the market. "There is some macro pressure here in the soya complex," said Terry Linn with Chicago brokerage Linn & Associates.
At 10:42 a.m. CST (1642 GMT), CBOT January soyabean futures were down 11-3/4 cents at $10.44-1/4 a bushel. CBOT December wheat was 5 cents lower at $3.84-1/2 a bushel after bottoming out at $3.82-3/4 a bushel. CBOT December corn was 7-1/4 cents lower at $3.41-1/4 a bushel.
During the four session losing streak, corn futures have shed 2.7 percent while wheat has lost 5.6 percent. Traders were also watching for the outcome of a tender being held on Tuesday by Egypt, the world's biggest wheat importer. Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), received offers from nine suppliers, with the lowest coming from Russia for 60,000 tonnes, Cairo-based traders said. No US wheat was offered in the tender, adding to the weakness in the futures market.
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