SINGAPORE- Chicago corn slid for a fourth consecutive session on Tuesday and hit its lowest in more than two weeks on fund selling, although tightening world supply is likely to curb losses.
Wheat and soybeans lost about half a percent each, down for a fourth straight session.
“Our prime candidate for the move lower is investors re-balancing portfolios,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
“The background fundamentals though are supportive, if not better. Argentina’s major corn crop regions are increasingly likely to experience a period of hot and dry weather. And that weather might prove to be enough for forecasters to reduce their crop estimates.” – Reuters