Grain futures closed sharply lower on the Chicago Board of Trade Tuesday on improved crop outlooks in China and South America.
Corn was off 5 1/4 to off 11 3/4, soybeans were off 33 1/2 to off 35, wheat was off 31 to off 31 3/4 and oats were off 1 1/2 to off 6 1/2.
Corn futures shifted lower in sympathy with wheat and soybeans with traders concerned improved conditions in Argentina and Brazil would cause China to begin buying from South American sources.
Egypt purchased 120,000 metric tons of U.S. corn Tuesday, providing some prices support. Snows in China undercut wheat futures, as drought conditions there appear to be easing. Undermining the soybean market, the U.S. Department of Agriculture said an "unknown" buyer, potentially China, had canceled an order of 110,000 metric tons of U.S. soybeans.
The prices:
Corn: Mar 6.90 1/2 off 5 1/4, May 7.01 off 5 1/2, Jly 7.04 1/4 off 7, Sep 6.40 1/2 off 11 3/4.
Soybeans: Mar 13.68 off 34 3/4, May 13.81 1/4 off 34 3/4, Jly 13.88 1/2 off 35, Aug 13.70 1/2 off 33 1/2.
Wheat: Mar 8.40 1/4 off 31 3/4, May 8.72 1/4 off 31 3/4, Jly 9.00 off 31, Sep 9.24 3/4 off 31.
Oats: Mar 4.05 1/2 off 6 1/2, May 4.13 off 6, Jly 4.18 1/2 off 1 1/2, Sep 3.91 off 4.
