An export-fueled rally in corn and soybean stalled on Tuesday as large global inventories pushed U.S. corn and soybean futures lower.

Wheat steadied after touching a one-week low, with the prospect of an tender by major importer Saudi Arabia tempering a bearish market mood.

Chicago Board Of Trade's most-active soybean contract fell 0.4 percent to $8.77-3/4 a bushel by 1240 GMT, easing off Monday's three-week high of $8.87-1/2 a bushel.

Corn ticked down 0.3 percent to $3.66-1/4 a bushel after reaching its highest level since Feb. 5 on Monday.

Brisk U.S. exports, flooding in major producer Argentina and a recovery in commodity and equity markets had buoyed corn and soybean prices in recent days.

"There has been a bit of broader risk on trading in equity and commodity markets which has helped grains," said Paul Deane, senior agricultural economist at ANZ Bank in Melbourne. "U.S. export sales for have been a bit stronger, but not enough to reduce the burden of large stocks."

The USDA said on Monday that weekly export inspections of soybeans totalled 1.531 million tonnes, above the high end of trade forecasts that ranged from 1.1 million to 1.4 million.

The agency said corn export inspections came in at a higher-than-expected 900,323 tonnes, up from 691,641 tonnes a week earlier.

"The soybean price is likely to fall as soon as the shipment delays in Brazil abate and the soybean supply from the new crop reaches the world market," Commerzbank analysts said in a note. "The growing plans of U.S. farmers are then likely to show that the soybean acreage is to be expanded once again, which is likely to put additional pressure on soybean prices."

Market attention is turning toward spring planting of corn and soybeans in the United States, with the USDA due to issue acreage forecasts on Thursday at the start of its annual outlook forum.

Wheat inched up 0.1 percent to $4.59, after earlier slipping to $4.57-3/4 a bushel, its lowest since Feb. 12.

Signs that Saudi Arabia, a big importer of hard wheat from North America and Europe, may tender soon after a longer than usual wait lent some support.

The head of Saudi Arabia's main wheat-buying agency said on Tuesday the country had not tendered so far in 2016 because it has enough reserves, but expected to go back to the market soon.