Chicago Board of Trade wheat futures fell 1.2 percent on Wednesday, the third decline out of the last four sessions, as export prospects for US supplies remained dim despite crop shortfalls in key production areas of the Black Sea region, traders said.
Corn dropped after earlier touching a two-week high as investors assessed the impact on crops of torrential rain in parts of the US Midwest. The excess rain could limit harvest yields in some areas, limiting the declines in the corn market, although crop expectations were still massive.
At 11:37 a.m. CDT (1631 GMT), CBOT December soyabean futures were down 6-1/2 cents at $5.25 a bushel. Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 60,000 tonnes of Russian wheat in an international purchase tender. No US wheat had been offered in the tender.
The US rains provided moisture to soils in winter wheat growing areas ahead of planting season, adding further pressure to the wheat market. CBOT December corn futures were 2 cents lower at $3.66-1/4 a bushel. November soyabean futures were 3 cents lower at $8.41-1/4 a bushel.
The US Department of Agriculture in a weekly report late on Monday estimated 67 percent of corn was in good or excellent condition, slightly below average analyst expectations calling for an unchanged 68 percent score. The good/excellent rating for soyabeans was unchanged from the previous week at 66 percent, in line with expectations.
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