PARIS/SINGAPORE: Chicago corn futures dropped more than 2% on Tuesday as government data showing a rain-hit planting campaign was nearing an end encouraged a pause in a rally that took prices to a five-year high a day earlier.
Wheat also fell sharply, breaking a six-session rally, after the US Department of Agriculture's weekly report released after Monday's market close maintained decent ratings for winter wheat.
Soybeans edged lower, tracking corn, having earlier reached a 3-1/2 month high as the USDA report showed slower than expected soybean planting and weather forecasts predicted more showers later this week.
The most-active corn contract on the Chicago Board of Trade was down 2.3% at $4.44-1/2 a bushel by 1127 GMT, having hit its highest since June 2014 at $4.64-1/4 on Monday.
"Corn planting is 92% complete and the market couldn't be held at those levels given planting data," said Phin Ziebell, an agribusiness economist at National Australia Bank.
The USDA's estimate of 92% progress in corn planting by Sunday was in line with trade expectations, and drier conditions forecast in the early part of this week in the Midwest could let farmers round off field work.
However, torrential rain this spring has left corn planting well behind the usual pace and raised doubts about yield potential for this year's harvest.
For soybeans, the USDA said US planting was 77% finished by Sunday, lagging an average trade estimate of 79% and the five-year mean of 93%.
While corn has been the focus of market concern, the unrelenting rain in the US Midwest has also started to threaten prospects for later-planted soybean crops.
"People are trying to assess what's the extent of the damage for corn and beans on planting," a European trader said.
"The (acreage) report on the 28th will definitely be watched closely."
The USDA will publish updated crop area estimates on June 28, along with quarterly estimates of US grain stocks.
Weather worries have been tempered by large inventories, uncertain demand during a trade dispute with China, and bumper harvests in South America.
CBOT soybeans were down 0.4% at $9.09-1/2 a bushel after touching their highest since early March at $9.21-1/2 earlier in the session.
CBOT wheat slid 2.5% to $5.26-1/4 a bushel, pulling away from Monday's 9-1/2 month high of $5.49-1/4.
The USDA winter wheat ratings remained relatively strong with 64% of the winter wheat seen as good-to-excellent, up from 39% a year ago.
But winter wheat harvesting was just 8% complete, behind the five-year average of 20%, amid the soggy conditions in major US grain belts.
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