Chicago wheat futures fell

Wheat futures on the Chicago Exchange fell in price after reaching a three-month high. Traders became interested in the possibility of new export sales after a major deal to sell American wheat to China.

Soybean and corn futures traded virtually unchanged Tuesday. The price of soybeans fell sharply to a one-month low due to improved rainfall in Brazil. Corn harvest data due later this week is expected to weigh on prices.

By 1215 GMT, CBOT wheat futures were down 0.5% at $6.17 1/2 a bushel. However, on Monday the price reached its highest level since the end of August. Opening new short positions was seen as a risky strategy in connection with a large deal to sell US wheat to China.

Traders are waiting for the results of a trade tender in Egypt to assess the competitiveness of the market, especially after higher prices for Russian wheat. Increased forecasts for wheat harvests in Canada and Australia indicate large supply on the world market, which puts pressure on prices.

Episode 3 analyst Andrew Whitelaw notes that there is still plenty of grain available on the global market.

Soybean futures rose slightly, 0.2%, to $13.09 1/4 a bushel, after falling in the previous trading session. Corn fell 0.2% to $4.84 3/4 a bushel.

Official crop forecasts will be released by Brazilian statistics agency Conab on Thursday. On Friday, monthly estimates of global supply and demand from the US Department of Agriculture will be published, including updated data on the South American crop.

Investors are currently adopting a expectant stance in light of upcoming earnings reports.