US soyabean futures eased on Wednesday in a technical selling setback following two days of gains despite concerns that rainy weather in parts of the Midwest would delay harvesting and possibly damage some crops. Corn futures were little changed as technical selling largely offset support from strong demand and potential harvest delays. Wheat prices drifted lower with corn and soyabeans after rallying more than 2 percent a day earlier on worries about tightening global supplies.
Chicago Board of Trade November soyabeans dropped 2-1/2 cents to $8.63-1/2 per bushel at 11:50 a.m. CDT (1650 GMT), while December corn shed 1/4 cent to $3.67-1/4 a bushel.
Both contracts hovered near their 50-day moving averages after closing at or above the key technical level on Tuesday for the first time since mid-August.
Forecasts for rain across the Corn Belt over the next 10 days has raised concern that corn and soyabean harvests that had been ahead of the normal pace could fall behind, which raises the risk crops could be damaged or difficult to harvest.
CBOT December wheat fell 1/2 cent to $5.18-3/4 a bushel after earlier failing to break through technical resistance at its 200-day moving average.
Russia's agriculture safety watchdog said it has no immediate plans to suspend the operation of grain loading points in Black Sea ports near the city of Krasnodar. Wheat futures had rallied a day earlier after the watchdog said it could temporarily suspend operations of 30 inland grain loading points in two of Russia's top grain exporting regions - Krasnodar and Rostov.