Investing.com - U.S. corn futures traded near the lowest level in four years on Tuesday, amid ongoing expectations for a record U.S. corn harvest.
On the Chicago Mercantile Exchange, U.S. corn for September delivery inched up 0.32%, or 1.27 cents, to trade at $4.0188 a bushel during U.S. morning hours.
The September corn contract fell to $3.9700 a bushel on Monday, the weakest level since August 2010, before trimming losses to settle at $4.0040, down 2.2%, or 9.0 cents.
Prices of the grain have been under heavy selling pressure in recent sessions after the U.S. Department of Agriculture reported on June 30 that domestic corn stockpiles totaled 3.854 billion bushels on June 1, 39% higher than the year-earlier level.
Meanwhile, U.S. soybeans for August delivery shed 0.26%, or 3.25 cents, to trade at $12.6975 a bushel. Prices hit $12.6800 earlier, the lowest since January 30.
The August soybean contract lost 2.04%, or 26.4 cents, on Monday to settle at $12.7320.
Soybean prices have been on a downward trend after the USDA projected U.S. soybean seedings at a record-high 84.8 million acres, up from a prior forecast for about 81.49 million acres.
Elsewhere on the CBOT, U.S. wheat for September delivery advanced 0.62%, or 3.48 cents, to trade at $5.6088 a bushel.
The September wheat contract fell to $5.5600 on Monday, the cheapest level since February 3, before settling at $5.5660, down 3.93%, or 22.6 cents.
Expectations for ample global supplies continued to weigh after the USDA said U.S. farmers planted approximately 56.47 million acres with the grain, up from a prior estimate of 55.815 million.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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