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Corn and soybeans fall after hitting multi-year highs

Por Julie Ingwersen

CHICAGO, Apr 23 (Reuters) – U.S. corn and soybean futures fell on Friday as traders took gains before the weekend, after both markets soared to multi-year highs due to tightening of national and global supplies.

* In addition, a cold snap in the United States this week and a drought in Brazil raised questions about the prospects for the corn crop in the world’s two largest exporters of feed grains at a time of growing demand for Chinese imports.

* “Nothing has fundamentally changed. It’s still a story of supply and demand that drives this market,” said Terry Reilly, senior analyst at Futures International in Chicago.

* Corn on the Chicago Stock Exchange fell 1.25 cents to $ 6.3033 a bushel, retreating after hitting 6.3650.

* July soybeans lost 1 cent to $ 15.1325 a bushel, while July wheat rose 0.25 cents to $ 7.1075 a bushel.

* The United States Department of Agriculture confirmed sales of 336,000 tons of corn with unknown destinations and another 136,680 tons to Guatemala, as well as 132,000 tons of soybeans to China.

* However, all sales covered “new crop” supplies for delivery in business year 2021/22 beginning September 1, limiting the impact on the market.

(Edited in Spanish by Rodrigo Charme)

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