CANBERRA- Chicago corn and soybean futures rose on Wednesday but were stuck a little below multi-month highs as US farmers stepped up their selling, sucking the momentum out of a price rally.
Wheat prices fell slightly amid weak demand and ample availability in export markets.
The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.3 percent at $4.76 a bushel after reaching its highest since December 2023 at $4.80 on Tuesday.
CBOT soybeans rose 0.2 percent to $10.49-1/2 a bushel after touching $10.64, a peak since October last year, on Tuesday.
Wheat dipped 0.4 percent to $5.44-1/4 a bushel.
Corn and soybean prices surged after the US Department of Agriculture, on Friday, cut its estimates for US 2024 production and end-of-season stocks by more than analysts had expected.
Soybeans were also supported by expectations that a change in US biofuel policy could limit imports of used cooking oil and increase demand for US soyoil as feedstock, said Commonwealth Bank analyst Dennis Voznesenski.
CBOT soyoil BOc1 continued to rise on Wednesday.