US wheat futures dropped 3.4 percent to a two-week low on Wednesday due to forecasts for much-needed rain in Kansas, where the wheat crop has been under drought-like conditions. "The perception of weather certainly has improved a bit for wheat," said Dan Kuechenmeister, manager of the commodities department at RBC Dain Rauscher.
Corn futures also were lower, but soyabean prices turned higher in the afternoon on support from a firm crude oil market and a weakening dollar. Corn's losses were kept in check by rainy weather in the US Midwest that was delaying planting. At 12:48 pm CDT (1748 GMT), CBOT May soft red winter wheat was down 29-1/4 cents at $7.82 a bushel. Wheat prices have fallen 5.3 percent during the past two days. CBOT May soyabeans were up 4-1/4 cents at $13.87 a bushel. CBOT May corn was down 6 cents at $7.60-1/4 a bushel.
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