By Doug Cameron

U.S. crop futures all closed lower Wednesday as the rising dollar crimped export potential and buyers remained scarce

Corn futures gave up half of Tuesday's oil-fuelled rally to end down 0.5% and soybeans also lost an early grain to settle off 0.4%, with wheat losing 0.5%.

A fresh 13-year high for the dollar reignited concerns among traders about the export potential of the big incoming soybean harvest, even as the Department of Agriculture registered a third straight day of overseas sales, led by China. Weekly export data are due Thursday.

Soybean futures opened higher with momentum from Tuesday's big crush data before sagging through the session, with the January contract ending down 3 3/4 cents at $9.85 3/4 a bushel.

With the South American crop arriving to compete with U.S. beans, traders said the risk remains on the downside, with the incoming U.S. administration's trade policies coming into play.

Any retaliation to potential U.S. tariffs would harm the biggest export market for U.S. beans. "This would devastate the soy complex as it would in effect erase 1 billion bushels of soybean demand," said Karl Setzer at MaxYield Cooperative, who believes the issue likely will hang over the market for several months.

Corn also wanted for buyers, with funds having covered most of their short positions, and the December contract ended down 3 cents at $3.38 1/2 a bushel.

Benchmark corn futures rose 1.3% and soybeans added 0.5% on bullish crushing data and export sales, with wheat also ending 1.3% higher after shedding 2.2% on Monday.

Wheat futures moved through $4 a bushel early on but lost ground ina choppy session to settle down two cents at $3.97.

Traders also are starting to look ahead to next year's plantings, with wheat and corn expected to give way to more soybeans.

Write to Doug Cameron at doug.cameron@wsj.com

(END) Dow Jones Newswires

November 16, 2016 15:16 ET (20:16 GMT)

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