US MIDDAY: grains lower

US wheat skidded lower early on Wednesday as stiff export competition, a firmer dollar and nervousness over the eurozone economic crisis weighed on the grain markets. Wheat, corn and soyabean futures all set back from gains posted Tuesday as long liquidation continued ahead of Friday's summit of European leaders aimed at resolving the European Union's debt problems.
At 9:55 am CST (1555 GMT) at the Chicago Board of Trade, CBOT March wheat was down 11-1/2 cents, or 1.9 percent, at $6.01-1/2. CBOT March corn was down 5-1/4 cents, or 0.8 percent, at $5.91-1/2. March was already below all key moving averages. CBOT January soyabeans traded down 3-1/4 cents, or 0.3 percent, at $11.26-1/4.