GRAINS-Profit taking spark sell-off in U.S. corn, soy, wheat
(Updates with closing prices, details from wheat tour)
By Mark Weinraub
CHICAGO May 3 (Reuters) - Chicago Board of Trade corn, soybean and wheat futures fell on Tuesday, pressured by a round of profit taking and technical sales, traders said.
Soybeans set back from a 15-month high hit during the overnight session while corn and wheat faced resistance after failing to take out last week's peaks, sparking a sell-off led by investment funds.
"The funds giveth and the funds taketh away," said Bill Gentry, a broker at Risk Management Commodities in Lafayette, Indiana. "We have had several up days. This is a technical correction."
Wheat and corn futures, which faced additional pressure from a bearish fundamental picture amid improving U.S crop conditions and a fast pace of planting, notched the biggest declines.
CBOT July corn futures dropped 12 cents at $3.79-3/4 a bushel and CBOT July soft red winter wheat was 17 cents lower at $4.70-3/4 a bushel.
CBOT July soybeans were 13-3/4 cents weaker at $10.30 a bushel.
"There is just nothing bullish on corn and wheat," said Dan Cekander of DC Analysis. Corn is just off to a good start, and the wheat ratings keep getting better. You have gotten to a point where it is even hard to hold (up) the beans." Continuación...