Tuesday wasn't exactly a Turnaround one early on, reversing a strong trend of the previous session and fulfilling a start-of-the-week pattern that Chicago traders attest to.
But buyers were certainly in far less evidence that they were on Monday, when Chicago corn jumped to match its record high, while wheat soared 4%.
Farm commodities stood generally ahead. But bar
One fear was that, after a rally which bought corn futures, for instance, gains of 15% in three sessions, investors might be in a mood to cash in.
"We are concerned that the corn was overbought at these levels, which may lead to technical corrections," Ker Chung Yang at Phillip Futures in Singapore said.
"Investors may need to be on their guard for breaks in crop prices, as investors with long positions book profits."
But also, one of the reasons cited for rubber's popularity - the rising price of
Tokyo shares closed down 1.1%.
Higher oil prices have, up to now, been negative for farm commodities too, despite the use of many in making biofuels, a disconnect blamed on a broad-brush fund trade of "buy energy, sell other commodities".
(That said, there are signs this may be changing, with Luke Mathews at Commonwealth Bank of Australia, for instance, citing higher oil as supporting
"The crude oil price is incentivising the production of ethanol over sugar, raising the prospect of lower than expected sugar output," he said.)
As another headwind, the
The USDA will on Friday release its latest Wasde report on global supply and demand, which is, according to estimates seen by Agrimoney.com, expected to lower the forecast for year end US corn stocks from 675m bushels to 500m-603m bushels.
Chicago's May contract added 0.2% to $7.61 ½ a bushel for May as of 08:30 GMT, and failing to touch yet the $7.65-a-bushel record matched in the last session.
New crop December wheat even lost ground, albeit only 0.25 cents to $6.45 ¼ a bushel.
"Wheat continues to rally on corn's coat-tails. However, worsening US crop weather is also providing internal support to the wheat market," Mr Mathews said.
Furthermore, there is talk that Russian data has shown spring wheat sowings running at half the pace of a year ago – a fate which may soon befall North American plantings if fears of flooding are realised.
"To the north, cold and wet conditions in the northern plains keep talk of flooding and delayed plantings," Benson Quinn Commodities said.
The oilseed has been a relatively weak performer, despite coming in with its own weak US stocks data last week, and lower-than-expected plantings data too, for fears of a slowdown in demand from China, the top importer.
"Some private analysts have started to lower their export projections due to unconfirmed Chinese cancellations," Benson Quinn's Kim Rugel said, noting expectations that Friday's Wasde report could lift the estimate for US soybean stocks as of the close of 2010-11 by 20m-40m bushels.
"With demand rationing taking place on a domestic and global scale, soybeans are in current position of being a follower to corn and wheat market till planting of soybean crop begins and US weather forecast comes more into focus."
Elsewhere in the oilseeds complex, Kuala Lumpur palm oil shed 1.3% to 3,337 ringgit a tonne.