Corn drops, wheat eases

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    SINGAPORE- Chicago corn futures fell 0.8 percent on Wednesday after the US Department of Agriculture pegged its end of season inventory estimates above market expectations.

    Soybeans slid for the first time in three sessions, while wheat fell almost 1 percent.

    “The USDA report was bearish for corn prices,” said one Singapore-based grains trader.

    “The market was expecting a bigger reduction in corn stocks.”

    The most-active corn contract on the Chicago Board Of Trade was down 0.8 percent at $5.52 a bushel, after climbing to its highest level since June 2013 in the last session.

    Soybeans fell 0.3 percent to $13.97-3/4 a bushel, after firming around 1 percent in the previous session when prices hit a Jan 19 high of $14.09-1/2 a bushel. Wheat lost 0.9 percent at $6.43-1/2 a bushel, after closing down 1 percent on Tuesday. – Reuters