U.S. grains: Corn falls one per cent as harvest looms


U.S. grains: Corn falls one per cent as harvest looms
  1. U.S. grains: Corn falls one per cent as harvest looms
    agcanada.com
    Chicago | Reuters — Chicago corn futures fell nearly one per cent on Tuesday on chart-based selling as the harvest of a large U.S. crop loomed, traders said. Soybeans followed the weak trend, declining in the absence of fresh supportive news, and wheat closed mixed, with front-month December fractionally lower.…
    Business

Chicago | Reuters — Chicago corn futures fell nearly one per cent on Tuesday on chart-based selling as the harvest of a large U.S. crop loomed, traders said.

Soybeans followed the weak trend, declining in the absence of fresh supportive news, and wheat closed mixed, with front-month December fractionally lower.

“The biggest thing is, there isn’t anything here for the bull. The path of least resistance is back to the downside,” said Terry Linn, analyst with Linn & Associates.

Chicago Board of Trade December corn settled down 3-1/4 cents at $3.48-1/4 per bushel after dipping to $3.46-1/2, its lowest in a week. The contract has faced stiff technical resistance at its 20-day moving average during the last two weeks.

CBOT November soybeans ended down 2-1/4 cents at $9.65-1/2 a bushel and December wheat fell 1/2 cent to $4.43 a bushel (all figures US$).

Corn and wheat retreated from early advances as traders awaited reports from the expanding U.S. corn harvest. The crop was seven per cent harvested by Sunday, the U.S. Department of Agriculture said in a weekly report.

“I don’t know that we are getting a lot of pressure from the standpoint of producers making sales, but we are seeing ideas this crop is bigger than expected, especially in corn,” said Brian Hoops, analyst with Midwest Market Solutions.

USDA said 34 per cent of the corn crop was mature, well behind the five-year average of 47 per cent. But forecasts showed no major weather problems that could threaten late-maturing fields.

“The weather is good for crops that haven’t shut down. You’ve got favourable finishing conditions,” Linn said.

Soybean futures fell to session lows after USDA, for the first time in eight business days, failed to report fresh sales of U.S. soybeans through its daily export reporting system.

Also bearish was the inability of the CBOT November soy contract to break through…