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CHICAGO: US corn futures fell for the first time in three sessions and soybeans fell for a second straight day on Wednesday, with prices weighed down by forecasts of dry weather in parts of the US Midwest that lifted hopes for improved crop conditions.

"This short-term warm weather can lead to a bloom for these grains," said Don Roose, president of US Commodities.

Wheat turned upward as Canadian acreage numbers were released, and the numbers were lower than expected.

Chicago Board Of Trade September corn futures were down 2-1/4 cents at $4.50-3/4 per bushel as of 11:32 a.m. CDT (1732 GMT). July soybeans futures were down 4-3/4 cents at $8.98-3/4 a bushel and September wheat futures were up 6-1/4 cents at $5.46-1/4 a bushel.

Updated weather forecasts suggest farmers may have a chance to plant more acres of soybeans this week ahead of the next wave of storms.

Hotter temperatures over the next 10 days would also help bolster crops that have been planted, particularly corn, which is well behind the normal pace of development, forecasters said.

"This weather pattern may not be a sustained change," said Joel Widenor, meteorologist with the Commodity Weather Group. "Looking beyond the next 10 days, the weather dips again."

The US Department of Agriculture (USDA) said on Monday 96pc of corn and 77pc of soybeans have been planted. At the same point last year, all US corn acres and 93pc of soybeans were planted.

The USDA also rated 56pc of the US corn crop in good-to-excellent condition, down from 59pc last week and behind market expectations of 59pc.

Some 54pc of US soybeans were seen in good-to-excellent condition, below expectations of 59pc. The USDA said 61pc of US winter wheat was in good-to-excellent condition, down from 64pc last week.

The agency is due to issue acreage report on Friday. This report will update planting intentions numbers from March.

Wheat prices shrugged off pressure from improved harvest weather in the US Plains and Midwest, jumping to session highs after Canada's StatsCan released wheat acreage estimates that were well below trade expectations.

The market has also been supported by hot weather in parts of Europe and the Black Sea region.

Conditions for Russia's spring wheat harvest are generally good or satisfactory with only a few areas affected by a heatwave that has hit some parts of the country, state weather forecaster Hydrometcentre said on Tuesday.

Copyright Reuters, 2019

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