US wheat futures fell for a second consecutive day on Wednesday as Russia, which lifts its ban on grain exports in July, wasted no time offering its wheat in a tender by the Lebanese government.
Wheat prices shed 6.7 percent in the two-day plunge, the steepest in nearly three weeks. Corn futures climbed 1.2 percent amid tight US supplies. Some longer-term weather forecasts indicated cooler-than-normal summer temperatures, which also buoyed corn as this would slow crop development and could hurt yields.
Soybeans followed corn higher. July wheat on the Chicago Board of Trade fell 1.8 percent to a two-week low of $7.68-1/2 a bushel as of 10:25 am CDT (1525 GMT). CBOT July corn rose 1.6 percent to $7.60 a bushel while July soybeans climbed 0.9 percent to $13.88-1/2 per bushel.
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