CHICAGO, Sept. 25 (Xinhua) -- Chicago corn and wheat futures fell Tuesday while soybean futures edged up, as traders considered world demand for the U.S. crops.
The most active corn contract for December delivery edged down one cent, or 0.13 percent, to close at 7.4375 dollars per bushel. December wheat lost 5.5 cents, or 0.62 percent, to settle at 8.865 dollars per bushel. November soybeans rose 1.5 cents, or 0.09 percent, to close at 16.115 dollars per bushel.
Corn and wheat declined for the second straight session, as traders worried that high U.S. crop prices would reduce U.S. competitiveness on the world market.
Corn prices in particular rose sharply over the summer due to effects of the U.S. drought, and the cheaper prices for South American corn have recently tempered demand for the U.S. corn crop. Additionally, ethanol production has also decreased in the last few months, further concerning corn traders.
U.S. wheat prices also rose sharply over the past month thanks to trader ideas that adverse weather in the Black Sea region could decrease Russian wheat exports, while bringing more buyers to the U.S. crop. Wheat consequently saw pressure Tuesday after comments from the Russian Deputy Prime Minister indicating that no Russian wheat export reductions were expected.
Soybeans managed to edge up on the session as trader thought that the U.S. crop remains in high demand, with China in particular as a strong buyer. However, gains were limited by news of a wetter U.S. weather forecast, and reports that some soybean yields were better than expected.
Outside market conditions were largely mixed, as the session saw losses in crude oil and U.S. equities, a lower dollar for most of the session and a slight gain in gold.