KUALA LUMPUR- Chicago corn futures slipped on Tuesday, after touching a one-month high in the previous session on concerns over Argentina and U.S crops, while wheat and soy futures were little changed.
Traders are looking ahead to Friday’s annual US Agriculture Department (USDA) planting intentions report.
US 2023 corn seeding is seen at 90.880 million acres, soy at 88.242 million acres and wheat at 48.85 million acres, according to analysts polled by Reuters ahead of the report.
“The market remains in a short-term uptrend as traders see the smaller corn crop in Argentina, the smaller meal production from Argentina and better demand as short-term positive forces,” commodities research firm Hightower said in a report.
Private exporters reported a sale of 112,800 tons of corn to unknown destinations, the USDA said on Monday.
The most-active corn contract on the Chicago Board of Trade (CBOT) declined 0.31 percent to $6.46-1/4 a bushel, after a two-day climb.
Soybeans gained 0.03 percent to $14.42-3/4 a bushel supported by worries about the new crop season. Wheat was also up 0.04 percent at $6.98-1/4 a bushel.
