CHICAGO: US soyabean futures fell to their lowest in more than two months on Tuesday on a mix of technical selling and export competition from South American supplies, traders said.

Corn and wheat futures also declined, setting back after rallying a day earlier.

As of 12:56 p.m. CDT (1856 GMT), Chicago Board of Trade January soyabean futures were down 7 cents at $8.85-1/2 per bushel after dipping to $8.82-3/4, the contract’s lowest since Sept. 11.

CBOT March corn was down 2-1/4 cents at $3.78-1/2 a bushel and March wheat was down 2-1/4 cents at $5.30-3/4 a bushel.

Soyabeans fell nearly 1%, with the January contract on track for a fifth consecutive lower close as traders focused on South American supplies.

“China picked up upwards of 40 cargoes of South American soyabeans last week, leaving the US in the dust,” said Terry Reilly, senior analyst with Futures International in Chicago. Improving South American crop weather has also weighed on futures by bolstering soya production prospects for Brazil and Argentina.

Additional pressure stemmed from soyaoil futures, which fell in sympathy as Malaysian palm oil futures slumped on expectations of lower imports by key buyer India.

Reilly put chart support in CBOT January soyabeans at around $8.79, the 62% retracement point on a Fibonacci chart tracking the contract’s rally from mid-May to mid-October.

CBOT corn futures were modestly lower but found underlying support as a winter storm this threatened to stall harvest this week in Nebraska, Iowa, Minnesota and the northern Plains. The US Department of Agriculture late Monday said the US corn harvest was 84% complete, leaving 16% still in the field.—Reuters