U.S. corn slides as wetter South American weather weighs

BEIJING, Dec 14 (Reuters) – Chicago corn futures fell for a third consecutive session on Tuesday, as wetter weather in South America raised prospects of higher production.

Wheat slipped after two straight sessions of gains, while soybeans edged higher after shedding nearly 2% in the previous session.


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* The most-active corn contract on the Chicago Board of Trade was down 0.3% at $5.83 a bushel, as of 0128 GMT.

* The most-active wheat contract declined 0.2% to $7.87 a bushel, while soybeans inched up 0.2% to $12.47 a bushel.

* U.S. soybean processors continued their strong crushing pace in November, aided by ample supplies of beans and good processing margins, according to analysts polled ahead of a monthly National Oilseed Processors Association (NOPA) report due on Wednesday.

* NOPA members, which handle about 95% of all soybeans processed in the United States, were estimated to have crushed 181.640 million bushels of soybeans last month, according to the average of estimates from 12 analysts.

* European Euronext wheat futures rose on Monday as signs of renewed importer demand helped prices to recover from a recent slide.

* Commodity funds were net sellers of Chicago Board of Trade soybean, corn, soymeal and soyoil futures contracts on Monday and net buyers of wheat futures, traders said.


* The dollar traded near a one-week high versus a basket of major rivals on Tuesday, supported by expectations of a hawkish Federal Reserve meeting this week and haven demand amid continued uncertainty about the Omicron coronavirus variant.

* Oil prices edged higher but price gains were capped due to investor worries about oil demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases.

* Global stock markets fell and the dollar gained ground as investors waited for news from a host of central bank meetings this week and mulled a future without the Fed’s safety net.


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Reporting by Emily Chow; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

source: reuters.com