CANBERRA- Chicago corn futures inched lower on Monday as traders took a breather from a rally fueled by technical buying and strong US exports that drove prices to a five-month high on Friday.
Soybean futures dipped, with plentiful supply keeping a lid on the market. However, wheat gained after Russia hiked export duty on the grain.
The most-active corn contract on the Chicago Board of Trade (CBOT) eased 0.1 percent at $4.39-3/4 a bushel, after climbing to $4.41 on Friday, the highest since June 28.
CBOT soybean slipped 0.1 percent to $9.93 a bushel, while wheat rose 0.5 percent to $5.60-1/4 a bushel. Corn’s bullish technical move featured the actively traded March contract bouncing off its 100-day moving average on Thursday, breaking through its 50-day average to close above the prior session’s high and triggering follow-through buying.
