CANBERRA- US corn futures edged lower for a second consecutive session on Wednesday as prices retreated from a more than seven-year high, though losses were checked by strong demand.
Soybeans edged lower, despite concerns about production in South America, while wheat also fell.
The most-active corn futures on the Chicago Board Of Trade were down 0.7 percent at $5.39-1/4 a bushel. Corn fell 1.1 percent on Tuesday, a day after hitting a June 2013 high of $5.54 a bushel.
Despite edging lower, analysts said prices remained underpinned by strong Chinese demand for US supplies.
“There are a few things supporting prices but the biggest (reason), by far, is Chinese demand,” said Phin Ziebell, agribusiness economist, National Australia Bank.
The US Department of Agriculture last week reported massive sales of US corn to China, with traders looking ahead to next week’s monthly supply and demand report from the agency to see the impact of recent exports on US corn stockpiles.
Argentine grains exports were disrupted by roadblocks set up by truckers around ports in Buenos Aires province, with the protests expected to move north to the country’s main shipping hub of Rosario, local industry sources said on Tuesday.