SINGAPORE- Chicago corn lost more ground on Wednesday, while soybeans slid for a second session as forecasts of rains in some of the parched growing regions in the United States weighed on prices.
Wheat dropped to a one-week low on easing worries about Russian supplies.
Weather models are calling for additional precipitation for dry areas of the US Midwest and parts of the US wheat-growing areas, said Terry Reilly, a senior commodities analyst with Futures International.
“Wheat also faces additional pressure from easing concerns over Russia political instability,” Reilly said.
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.1 percent to $5.60-1/2 a bushel, not far from the previous session’s lowest since May 22 at $5.55 a bushel.
Soybeans fell 0.3 percent to $12.91 a bushel and wheat gave up 0.1 percent to $6.98-1/2 a bushel, after dropping earlier in the session to $6.90-1/4 a bushel, the weakest since June 20. – Reuters
