* Corn lower but supported by continued daily exports
* Soybeans fall as firm dollar encourages consolidation
* Wheat eases as Russian tax plans, Egypt tender watched (New throughout; updates byline, dateline previously PARIS/CANBERRA)
By Christopher Walljasper
CHICAGO, Feb 2 (Reuters) - U.S. corn futures eased on Tuesday after six sessions of gains, as the market watched to see if a surge in Chinese demand would continue to erode U.S. supplies.
Soybeans also edged lower as traders assessed upcoming Brazilian exports against risks that rainfall will slow harvest work.
Wheat followed corn and soybeans lower, all pressured by a firming U.S. dollar, which reached its highest in nearly two months against other major currencies.
The most active corn futures on the Chicago Board Of Trade were down 5 cents at $5.44-1/4 per bushel by 11:29 a.m. (1729 GMT).
CBOT soybean futures fell 8-1/4 cents to $13.57 per bushel. Wheat slipped 5-3/4 cents to $6.45-1/4 per bushel.
After the U.S. Department of Agriculture last week reported massive sales of U.S. corn to China, traders are looking ahead to next week's monthly supply and demand report from the agency to see the impact of recent exports on U.S. corn stockpiles.
"You’ve had this massive sales pace that’s taken place in the last eight days. It’ll be a historic number coming in," said Mark Schultz, chief analyst at Northstar Commodity.
Meanwhile, soybeans started lower, but regained midday as traders assessed the dampening impact of a stronger U.S. dollar on exports.
"The U.S. dollar rallying will do just as much rationing as if you saw commodity values rallying," said Karl Setzer, commodity risk analyst at Agrivisor.
Reports of lower Russian wheat prices, as traders and farmers weigh temporary export taxes from mid-February and the possibility of an ongoing levy next season, contributed to the drop in U.S. futures.
Despite Russia's export tax, top wheat importer Egypt bought 120,000 tonnes of Russian wheat for shipment March 15-30, in addition to purchases from France, Ukraine and Romania totalling 480,000 tonnes. (Reporting by Christopher Walljasper; Additional reporting by Gus Trompiz in Paris and Colin Packham in Canberra; editing by Barbara Lewis)
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The Link LonkFebruary 03, 2021 at 12:49AM
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GRAINS-Corn eases as traders assess exports - Successful Farming
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