OREANDA-NEWS. February 11, 2015. Chicago Board of Trade corn futures eased in a profit-taking selloff on Tuesday, extending declines after a US Department of Agriculture report showed ample global supplies of both corn and wheat, traders said.

Most-active CBOT March corn notched its largest declines since Jan. 28 as investors locked in profits after prices jumped to the highest levels in nearly three weeks during the previous session.

USDA in a monthly supply and demand report pegged US corn ending stocks lower than the average analyst estimate but outlooks for increased production in countries such as Ukraine and Argentina could keep a lid on international demand for US supplies.

A more than 1 percent drop in wheat futures, coupled with gains in the dollar, also weighed on corn.

Estimated volume was a moderate 400,000 contracts traded, Reuters data showed.

It was the third day of the five-session Goldman roll in which index funds exited March positions and rolled into May or beyond. Open interest during the previous session on Monday expanded by 3,755 contacts due, in part, to the roll, CME Group data showed.