Corn dips after rally, wheat falls

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    SINGAPORE- Chicago corn futures lost ground on Thursday as the market took a breather after hitting a 7-1/2-year peak in the previous session, although losses were limited by tight global supplies.

    Soybeans edged higher, while wheat slid for a second straight session.

    “The USDA’s (US Department of Agriculture) cut to corn crop yield estimates in Tuesday’s report is still ringing in market ears,” said Tobin Gorey, director of agricultural strategy at the Commonwealth bank of Australia.

    “Lower US yields, along with creeping cuts to South American crops forecasts (by the USDA and others) is moving the global feed balance into tighter territory.”