US corn futures fell nearly 2 percent on Tuesday on a mix of profit-taking after multi-month highs, improving weather in Argentina and uncertainty about how US trade policy will affect grain exports, analysts said. Wheat and soyabeans followed corn lower.
As of 12:20 p.m. CST (1820 GMT), Chicago Board of Trade March corn was down 6-3/4 cents at $3.62-3/4 per bushel, retreating after reaching $3.71, its highest since mid-July.
CBOT March wheat was down 5-1/4 cents at $4.28 a bushel and March soyabeans were down 2-1/2 cents at $10.55-1/4 a bushel. Corn was the biggest mover on a percentage basis, turning lower after rising in early moves.
"Profit-taking hit corn prices when the lead March contract failed an early probe above the 200-day moving average, which then weighed on soyabeans and wheat as well in the absence of fresh fodder to feed the bulls," INTL FCStone chief commodities analyst Arlan Suderman wrote in a note to clients.
Corn got a boost when the US Department of Agriculture said private exporters in the last day sold 125,000 tonnes of the yellow grain to unknown destinations. But some analysts cited worries about prospects for US agricultural trade, given President Donald Trump's plan to renegotiate the North American Free Trade Agreement with Mexico and Canada and his abandonment of the Trans Pacific Trade Partnership with Asian countries.
Soyabean futures were on track for a fourth straight decline, pressured by forecasts of better crop weather in Argentina following floods this month that threatened crops. Argentina is the world's largest soyameal exporter and No.3 exporter of soyabeans.
Private analytical firm Informa Economics raised its projection of US 2017 corn plantings to 90.489 million acres, from 90.151 million last month. Informa trimmed its 2017 soyabean plantings forecast to 88.647 million acres, from 88.862 million previously.
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