Corn eases, wheat futures rise

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    SINGAPORE- Chicago corn futures fell for the second session in a row on Wednesday, as estimates of higher yields by a crop tour in parts of the US Midwest eased concerns over damage caused by a storm last week.

    Soybeans slid, although losses were limited by dry weather curbing US yield potential, while wheat futures rose for a fifth consecutive session.

    “Crop scouts scattered throughout the US Midwest are sending back mostly positive reports from the field,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

    The most-active corn contract on the Chicago Board of Trade fell 0.7 percent to $3.39-1/4 a bushel, after hitting a July 10 high of $3.46 a bushel in the last session.