Grain, Soybean Futures Lose Steam, Return Early Gains

By Benjamin ParkinFeaturesDow Jones Newswires

Grain and soybean futures gave back early gains as selling in the commodity sector pressured prices.

Crude-oil futures fell Wednesday after U.S. inventories rose last week. Commodity indexes were also lower.

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With little else to spur buying interest, grain futures fell victim to some of that selling.

December corn futures fell 0.5% to $3.51 a bushel at the Chicago Board of Trade. December wheat futures slid 0.6% to $4.35 1/2 a bushel.

Grain prices initially rose, continuing a rally that began earlier this week after data from the Commodity Futures Trading Commission showed hedge funds and speculative investors had built large short positions in those markets last week. That prompted many traders to start heading in the other direction, pushing prices higher.

Soybean futures for November delivery also eased off higher overnight prices to close unchanged at $9.75 1/2 a bushel.

There was little new information about the ongoing harvest in the U.S. or the planting season in Brazil to move prices. Forecasts for more rain in the South American producer have eased concerns about the crops there, sending prices lower as traders prepare for another large crop out of the country.

The Commodity Weather Group said rains in southern Brazil would move across the country's corn and soybean belt over the next two weeks, improving moisture.

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(END) Dow Jones Newswires

October 25, 2017 15:54 ET (19:54 GMT)