(Forexpros) – U.S. grain futures were steady during European morning trade on Tuesday, as ongoing worries over dwindling demand for U.S. supplies and receding concerns over global crops continued to weigh.
On the Chicago Mercantile Exchange, soybeans futures for January delivery traded at USD13.9462 bushel, little changed on the day.
The January contract traded in a range between USD13.9925 a bushel, the daily high and a session low of USD13.9038 a bushel.
January soy prices plunged to a five-month low of USD13.7235 a bushel on November 16, amid indications of declining demand for U.S. supplies and as crop prospects in major South American growers improved.
Soybean prices have been on a downward trend in recent weeks, losing nearly 22% since hitting an all-time high of USD17.8888 a bushel on September 4, amid easing concerns over shrinking global supplies.
Meanwhile, wheat for December delivery traded at USD8.4262 a bushel, easing up 0.15%. The December contract held in a range between USD845.12 a bushel, the session high and a daily low of USD8.3750 a bushel.
Wheat futures slumped to a four-month low of USD8.2962 a bushel on November 16, after the USDA said U.S. farmers sold 314,500 tonnes of wheat last week, compared to estimates in a range between 250,000 tonnes to 450,000 tonnes.
Elsewhere, corn futures for December delivery traded at USD7.3850 a bushel, nearly flat on the day. Front-month prices were stuck in a range between USD7.3762 a bushel, the daily low and a session high of USD7.3938 a bushel.
December corn prices touched a one-week high of USD7.4112 a bushel on Monday, after the U.S. Department of Agriculture said 14.3 million bushels of corn were inspected for export last week, topping expectations.
Despite Monday’s gains, corn futures have been under pressure in recent weeks, losing approximately 12% since touching a record high of USD8.4237 a bushel on August 10, as a combination of easing concerns over the size of the U.S. harvest and worries over slowing demand for U.S. corn dampened the appeal of the commodity.
The U.S. produced 38% of the world’s corn last year, making it the both world’s largest corn producing nation and the largest exporter of the grain.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
