Chicago corn and wheat dropped on weak export demand while soybean rose slightly Tuesday.

The most active corn contract for March delivery lost 2.75 cents, or 0.36 percent, to close at 7.52 dollars per bushel. March wheat slipped 4.25 cents, or 0.49 percent, to settle at 8.565 dollars per bushel. January soybeans added 1.75 cents, or 0.12 percent, to close at 14.555 dollars per bushel.

Spreading of bearish mood and a weaker wheat market continued to dampen corn market Tuesday, which has been aggravated by weak export demand.

Meanwhile, Ukraine has exported 4.5 million tons of corn so far this crop year, as against 2.4 million tons for the same period of last year. And talk has it that the country may export larger amounts of corn to China, which is also a drag on corn market.

March wheat fell on speculations that the U.S. Department of Agriculture (USDA) may revise wheat export demand lower in its supply and demand report to be released next week. But wheat may find long-term support from the worsening conditions in the U.S. western plains, where dry weather is forecast to remain for the next 7-10 weeks.

January soybeans closed the day almost unchanged. The market talk that China may have bought soybean from the U.S. Pacific Northwest (PNW) has supported soybeans market. A strong pace of soybean export has also lent a prop-up. Endi

Go to Forum >>0 Comment(s)