US corn futures eased on Wednesday, their third straight day of declines, but the market found support near recent lows following massive sell-offs on Monday and Tuesday, traders said. Soyabean futures also were lower while wheat futures firmed on technical buying after sinking to their lowest in nearly three months on Tuesday.
The US Department of Agriculture's surprise boost to its corn production forecast issued on Monday continued to hang over the market, but traders said the market had factored in most of the bearish news from the outlook during two days of declines that knocked prices down by 9.9%. "I think we are rangebound," said Bill Gentry, managing director of agriculture consulting for Risk Management Commodities.
At 10:53 a.m. CDT (1553 GMT), Chicago Board of Trade December corn futures were down 2-3/4 cents at $3.73-3/4 a bushel. The most-active contract hit its lowest since May 16. CBOT November soyabean futures were down 6 cents a bushel at $8.83, settling back from a near two-week high amid ongoing concerns about US exports despite signs of relaxed tensions in the trade war with China.
CBOT September soft red winter wheat was 1-1/4 cents higher at $4.73-1/4 a bushel. The contract found technical support near the low end of its 20-day Bollinger range.