Wheat prices slip for 2nd day

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    SINGAPORE- Chicago wheat futures slid on Thursday for a second straight session as concerns eased about crop losses from recent cold weather across the United States.

    Soybeans rose on the back of strong demand, while corn was largely unchanged.

    “There have been worries about cold weather damage to the US winter crop but snow cover in some of the areas could have prevented the damage,” said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne.

    The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.1 percent to $6.47-1/4 a bushel by 0340 GMT, after closing 1.4 percent lower in the previous session. It had gained more than 3 percent on Tuesday.

    Soybeans gained 0.2 percent to $13.86-1/4 a bushel and corn was unchanged at $5.53 a bushel.

    Wheat is under pressure from forecasts that called for temperatures to moderate in the Plains winter wheat belt over the next two weeks.

    The market is now awaiting US acreage and usage forecasts expected from the US Department of Agriculture’s annual two-day outlook forum, which starts on Thursday. – Reuters