US corn and soyabean futures fell on Wednesday, with corn hitting its lowest in nearly a month as rainstorms provided relief to parched crops in Argentina, traders said. Wheat prices were pulled lower by the weakness in corn and ample global supplies.
Prices plunged to session lows in midday trading after the latest weather forecasts showed that upcoming rain in South America would be even greater than expected, with as much as 1-1/2 inches falling in Argentina during the weekend. "It's a little wetter in southern Argentina Saturday through Monday," said Andy Karst, meteorologist with World Weather Inc. "That is probably the biggest change."
At 11:40 am CST (1740 GMT), Chicago Board of Trade March corn futures were down 10-1/2 cents at $5.93-1/2 a bushel. Prices bottomed at $5.93 a bushel, their lowest since hitting $5.84-1/4 on December 19. CBOT March soyabeans were off 7-3/4 cents at $11.75-3/4 a bushel, finding support around their 30- and 50-day moving averages. CBOT March wheat lost 11-1/4 cents to $5.93-1/2 a bushel. The grains market also remained under pressure from a US Agriculture Department report last week pegging corn and soyabean supplies above expectations and wheat seedings bigger than market estimates. "We are still kind of digesting the report from last week," said Jason Britt, analyst with Central States Commodities.
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