LONDON: Chicago corn futures fell for a second session on Thursday, retreating further from the prior session's a three-year high, although losses were checked by concerns over more rain further delaying US planting.
Wheat also lost more ground and soybeans slid for the first time in four sessions.
"Grain markets are taking a breather.
The recent surge in prices has been met with profit taking as month end draws near, but a forecast which offers plenty of rain holds the potential for another spark," research and brokerage firm Allendale said in a market note.
The most-active corn contract on the Chicago Board of Trade was down 0.5pc at $4.16-3/4 a bushel at 0953 GMT after climbing on Wednesday to its highest since June 2016 at $4.38.
The US Department of Agriculture on Tuesday said 58pc of the corn crop had been planted as of May 26, well below the average 90pc for this time of the year.
The agency's weekly crop report showed just 29pc of the soybean crop had been planted, well below the average of 66pc.
Analysts had been expecting corn planting to be 63pc complete and soybean planting to be 31pc complete.
CBOT's most active soybean contract fell 0.6 percent to $8.66-3/4 a bushel.
"Corn is moving a bit lower today as the market is just pausing a little bit," said Phin Ziebell, an agribusiness economist at National Australia Bank.
"There are forecasts of more rains in the US Midwest and that might prevent farmers from finishing planting."
Weather service Maxar, in a forecast issued on Wednesday, predicted more showers in most parts of the US Midwest.
"Abundant showers across central, southern and eastern areas (of the Midwest corn belt) through Thursday and again this weekend will slow any remaining planting," Maxar said.
"However, limited showers in far northwestern areas will allow fields to dry out a bit and some planting to resume, mainly in the Dakotas, Minnesota and northwestern Wisconsin."
CBOT's most active wheat contract fell 1.3 percent to $4.84 a bushel after closing down nearly 3pc in the previous session while September wheat on Paris-based Euronext was down 1.8 percent at 181.00 euros a tonne.
While US farmers struggle with excessive moisture, Australian growers are suffering from a third year of drought.
Hot and dry weather will persist across Australia's east coast for at least another three months, the country's weather bureau said on Thursday, in a forecast that threatens to severely crimp agricultural production.
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