US wheat futures fell early on Tuesday on some forecasts for rain in the parched US Plains that would improve soil conditions ahead of winter wheat planting, traders said. Corn prices also fell as traders locked in profits from contract highs hit on Monday. The front-month corn contract, which rallied to a 2-1/2 month high earlier this week, had risen for seven straight sessions.
At 11:03 am CDT (1603 GMT), Chicago Board of Trade December soft red winter wheat was down 10-1/4 cents at $7.84-3/4 per bushel. Kansas City Board of Trade December hard red winter wheat futures were 13-1/2 cents lower at $8.85-1/2 a bushel.
CBOT December corn was off 6-1/4 cents per bushel at $7.63-3/4. But soyabeans bucked the downward trend hanging over the grains markets, rallying to a fresh 6-1/2 month high before the market gave up some of the gains due to profit taking. New-crop November soyabeans were up 1/2 cent at $14.47-1/2 a bushel after hitting a high of $14.58-1/2 early in the session.
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