CHICAGO, Sept. 21 (Xinhua) -- Chicago corn futures continued to slide on Tuesday, weighed by fund selling and profit-taking. Wheat and soybean both dropped on concern that the world ending stocks for wheat and soybean are still oversupplied. December corn shed 3.0 cents, or 0.6 percent, to 5.0525 U.S. dollars per bushel. December wheat plunged 13.75 cents, or 1.9 percent, to 7.18 dollars per bushel. November soybean dropped 4.5 cent, or 0.4 percent, to 10.8 dollars per bushel. Corn surged after the opening as traders continued to focus on the disappointing early harvest results, which may lead to a lower- than-expected U.S. production and shrinking U.S. corn ending stocks, given the current strong demand for U.S. grain export. But the rally of corn lost its momentum during the mid-session, as the decline in crude oil prices triggered some selling in the corn market, despite a weaker dollar, which usually increases U.S. export competitiveness in the overseas markets. Traders noted that the corn price is probably getting a little ahead of themselves currently, and the quick harvest in U.S. may shift the market focus to test support somewhere around 450-460 cents. Traders indicated that the wheat price is under pressure, since the recent short-covering spike is well overdone, wheat prices may continue to backfill and probably lead the grain complexes lower in a corrective trade in the coming weeks. Soybean futures fell from its 15-month high on Tuesday, pressured by heavy fund selling, as investors expected the upcoming rains in South America will aid local farmers to start planting crops without delay. A trader predicted that soybean will have trouble sustaining the current price level as it will come under harvest pressure in the coming weeks.Chicago corn futures edge lower on profit-taking - 316l stainless steel pipe for saleChicago corn futures edge lower on profit-taking - 316l stainless steel pipe for saleChicago corn futures edge lower on profit-taking - 316l stainless steel pipe for sale We are high quality suppliers, our products such as 316l stainless steel pipe for sale , primobolan steroid for oversee buyer. To know more, please visits Global Trade market.
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