by Julie Ingwersen
CHICAGO (Reuters) – US-traded corn futures fell about 2% on Wednesday, with the December contract hitting a seven-week low as concerns over US Gulf Coast shipment delays sparked a round of long liquidation, analysts said.
Soybean futures hit a two-month low, and wheat also followed the market trend. Commodity funds hold net long positions in Chicago-traded corn and soybean futures, leaving both markets vulnerable to liquidations.
Corn for December closed down 11.50 cents to $5.2275 a bushel, after falling to $5.1825, a contract low since July 12th.
The November soybean contract closed down 14.75 cents to $12.7775 a bushel, after hitting $12.70, the lowest level since June 28. December wheat retreated 8 cents to $7.1425/bushel.
US Gulf Coast grain shippers on Wednesday reported more Hurricane Ida damage to their terminals, with Cargill confirming damage to a second facility — while power cuts in southern Louisiana have kept all others closed.
Corn futures retreated for the third straight day on fears the problems could affect exports through the busiest grain port in the US as the autumn harvest (Northern Hemisphere) approaches.
“Ida-linked sales this week have ended up triggering chart-related sales in the grains and oilseeds sector as momentum remains negative,” said Arlan Suderman, chief commodities economist at StoneX.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore)
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