US wheat, corn and soyabeans weakened early on Wednesday in choppy trading ahead of a monthly US Department of Agriculture supply-and-demand report. Declines in corn were limited by short-covering as investors unwound bearish bets placed on the commodity at the end of last month.
"Corn is having a little bit of a short-covering bounce. I think that continues right up until the report's release," Brian Hoops, president of Midwest Market Solutions, said. "I think you could see a little bit of positioning, with corn having an upward bias and soyabeans, wheat chopping around."
At 9:41 am CDT (1441 GMT), Chicago Board of Trade May soft red winter wheat was down 8 cents at $7.00-3/4 a bushel while May corn dropped 2-1/4 cents to $6.42. CBOT May soyabeans were 2-1/4 cents lower at $13.93-1/4 a bushel, close to their 10-day moving average of $13.93-3/8.