SINGAPORE: Chicago corn futures slid for a second session on Wednesday as US farmers race to finish planting, which has been delayed by excessive rains and flooding across the US Midwest.
Soybean fell for the first time in eight sessions after climbing to a three-month high in the previous session, though losses were checked amid planting delays and on hopes that Washington and Beijing would restart trade talks after a recent lull.
The most-active corn contract on the Chicago Board Of Trade was down 0.1pc at $4.49-1/4 a bushel, as of 0741 GMT, having closed 1.1pc lower in the previous session.
Soybeans lost 0.3pc to $9.11 a bushel, having climbed to their highest since March 4 at $9.21-1/2 bushel on Tuesday, and wheat gave up 0.6pc to $5.28-1/2 a bushel, having closed down 1.5pc in the previous session.
"US corn was overvalued as compared with the international market to the point that it was almost possible for the United States to import South American corn," said Ole Houe, director of advisory services at brokerage IKON Commodities.
The US Department of Agriculture (USDA) said the 2019 US crop was 92pc planted, matching trade expectations. The USDA rated 59pc of the crop in good-to-excellent condition, unchanged from the week before.
CBOT July corn is expected to break a support at $4.44-1/2 per bushel and fall towards the next support at $4.30-1/2, according to Wang Tao, a Reuters market analyst for commodities technicals.
In the previous session, soybeans had been supported by ongoing US planting delays and renewed optimism about US-China trade talks.
US soybean planting was 77pc finished by Sunday, lagging the average trade estimate of 79pc and the five-year average of 93pc, the USDA said.
In the wheat market, focus is on wheat tender issued by the world's top importer Egypt. The country's General Authority for Supply Commodities set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from July 22-31.
Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday and net buyers of soybeans and soyoil. Trader estimates of net fund selling in corn ranged widely from 5,000 to 30,000 contracts.
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