* Chicago corn falls after strong gains, soybeans little
* Concerns over dry weather in South America support prices
(Adds details on fund positioning, updates prices)
By Naveen Thukral
SINGAPORE, Jan 7 (Reuters) – Chicago corn slid on Thursday
as the market took a breather after hitting its highest in more
than six years in the previous session, although losses were
limited as dry growing conditions in South America stoked
concerns about global supplies.
Wheat lost ground for a second session.
The most-active corn contract on the Chicago Board of Trade
(CBOT) lost 0.3% to $4.93-3/4 a bushel by 0314 GMT, having
gained 0.7% in the previous session when prices hit a May 2014
high of $5.02-3/4 a bushel.
Soybeans futures were flat at $13.61-1/2 a bushel and
wheat gave up 0.2% to $6.46-1/2 a bushel.
Dry weather continues to threaten soybean and corn yield
prospects in Argentina, and labour issues in the South American
country have added to concerns about supplies.
The union representing Argentine port-side grain inspectors
was to meet on Wednesday with agro-export companies to try to
clinch a wage deal to end a strike that started on Dec. 9.
Traders have begun adjusting their positions ahead of the
U.S. Department of Agriculture’s next monthly supply/demand
report on Jan. 12, in which the government will release updated
estimates of U.S. and South American crop production and usage.
Commodity funds were net buyers of CBOT corn, soybean,
soymeal and soyoil futures contracts on Wednesday and net
sellers of wheat futures, traders said.
(Reporting by Naveen Thukral; Editing by Shailesh Kuber)
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