SYDNEY - U.S. soybeans and corn fell on Wednesday, dragged down by improving weather in the U.S. Midwest where harvesting of corn and soybean crops is running late because of persistent wet weather.
Profit-taking after strong gains on Tuesday as key chart levels were broken also weighed on prices. U.S. corn and soybeans rose to one-week highs on Tuesday as chart-based buy signals attracted fresh capital from investors, a follow-through from Monday when the new trading month started.
Corn and soybean futures on the Chicago Board of Trade were trading above most key moving averages. The December corn contract broke through its 200-day moving average of $3.88 a bushel.
The highs and lows exceeded the previous trading range, typically a buy-signal for chartists. Soybeans and corn are also being supported by concerns about the U.S. harvest, which is running three to five weeks behind normal.
Forecasts are for clear, dry weather this week, giving farmers a much-needed window to move combines through fields.