SINGAPORE- Chicago corn futures lost more than 1 percent on Wednesday and soybeans extended losses, as US forecasts for much-needed rains eased concerns over yield losses after recent hot and dry weather conditions.
Wheat slid 2 percent , after rallying to a five-month high on Tuesday following Russia’s attacks on Ukrainian ports and grain infrastructure that raised concerns about global supplies.
Rains forecast for this week will ease some of the concerns over dryness in major portions of the US corn-belt during the last several weeks, an analyst said.
The most-active corn contract on the Chicago Board of Trade (CBOT) gave up 1.2 percent to $5.58-3/4 a bushel and soybeans dropped 0.7 percent to $14.10 a bushel.
Wheat lost 2 percent to $7.45-1/2 a bushel after climbing to its highest since Feb. 21 at $7.77-1/4 in the last session.
Forecasts of crop-friendly rains in the US Midwest weighed on corn and soybean futures.
