(Adds details, traders comments and updates prices)
BEIJING/SINGAPORE, Jan 26 (Reuters) - Chicago soybean and corn futures eased on Tuesday, as traders locked in profit after a recent rally, while better weather conditions in South America improved crop yield prospects, further weighing on prices.
Wheat futures retreated after a brief gain in the overnight session when the contract snapped four straight sessions of losses.
"The market earlier advanced because (of) bargain hunting, and dropped because (of) profit-taking," said an Asia-based grains trader, referring to trade fluctuations during the session.
"Some bullish bets have left, pushing down prices," said a China-based grains trader.
"While futures fell a bit as the weather in South America improved," the trader said.
Both traders declined to be named as they were not authorized to speak with the media.
* The Chicago Board of Trade (CBOT) most-active soybean contract was down 0.45% at $13.37 1/2 a bushel by 0515 GMT.
* Corn fell 0.29% to $5.10 a bushel, while wheat was down 0.58% at $6.44 3/4 a bushel.
* Brazilian soybean farmers are poised to collect a record crop of 132.2 million tonnes in 2021, even as drought disrupted planting, according to the average of estimates in a poll of 13 analysts.
* Russian wheat prices fell last week after sharp growth earlier in the month, following an official proposal for higher wheat export tax from March 1, and as consultancies raised 2021 forecasts for the grain.
* Delivery of grains and oilseeds to Argentine export hub Rosario was slowly returning to normal on Monday after a week of protests by truckers who blocked roads leading from the farm belt to port, industry sources told Reuters.
* Ukraine's economy ministry and agricultural unions agreed on Monday to limit corn available for exports in the 2020/21 season to 24 million tonnes.
MARKET NEWS
* Asian stocks went under pressure on Tuesday on worries about U.S. stimulus and surging coronavirus infections, while the dollar consolidated overnight gains.
DATA/EVENTS (GMT) 0900 Germany Ifo Business Climate New Jan 0900 Germany Ifo Curr Conditions New Jan 0900 Germany Ifo Expectations New Jan 1000 EU Consumer Confid. Final Jan
(Reporting by Hallie Gu in Beijing and Gavin Maguire in Singapore; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)
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The Link LonkJanuary 26, 2021 at 12:55PM
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GRAINS-Soybeans, corn retreat as LatAm rains ease supply woes - Successful Farming
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