Wheat, corn end lower on profit taking; soy rises

02 Mar 2012
Soybeans rise for ninth straight day * Profit taking pressures wheat, corn futures * Declines in wheat limited by surprise Iran deal (Updates with closing prices, adds new analyst quote) By Mark Weinraub CHICAGO, March 1 (Reuters) - Profit-taking pushed U.S. corn and wheat futures lower on Thursday, but declines in wheat were limited by the first sale of U.S. supplies to Iran in about three years and by prospects for more exports as Western sanctions have forced Tehran to scramble for food supplies. Iran bought 120,000 tonnes of U.S. hard red winter wheat -- the type traded at the smaller Kansas City Board of Trade -- the U.S. government said before the market opened. The sale caught traders by surprise because it came at a time of increased tension between the two countries. "It certainly opens the potential for more (wheat sales to Iran), especially if they are on a mission here, either because of crop reasons or wanting to store up food security reserves," said grains analyst Rich Feltes of RJ O'Brien.

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