Support from forecasts of dryness in South America waned as analysts said it was too early to be concerned about production cuts. Asian shares drifted lower and the euro floundered near an 11-month low after the Federal Reserve failed to take any new steps to stimulate growth and offset the chilling effects of Europe's still-unresolved debt crisis. Wall Street stocks fell after the US central bank's final policy meeting of the year, at which the Fed noted modest improvement in the US economy but added that market turbulence in the face of Europe's woes posed a big risk. "It is perhaps the strength in the US dollar which is on the back of euro zone concerns," said Brett Cooper, senior manager of markets at FCStone Australia. "From a fundamental point, there is talk of weather concerns for South American corn and soy but we have not seen any major issues as yet. There is not lot of game changing fundamental story around." Chicago Board of Trade January soybeans fell 0.5 percent to $11.13 a bushel by 0306 GMT. Wheat for March delivery lost 0.3 percent to $5.99 a bushel and March corn lost 0.4 percent to $5.92 a bushel. US soybean futures rose on Tuesday as forecasts for poor crop weather in South America boosted prospects for US supplies on the export market and provided an opportunity for traders to cover short positions. The La Nina weather phenomenon is expected to reduce rainfall in Argentina's main crop belt until at least January, hurting crop yields in the world's third-biggest soybean exporter, forecasters said. In the US cash market, corn and soybean spot basis bids were steady to slightly lower at processors, elevators and river terminals around the Midwest on Tuesday, pressured by slow domestic and export demand. Egypt, the world's largest wheat importer, bought 180,000 tonnes of Russian, French, Argentine wheat for March 1-10 shipment on a free on board basis. US grain and oilseed futures have been under pressure as a result of higher global supplies forecast by the US Department of Agriculture in its report on Friday. It unexpectedly raised its estimate for corn supplies and boosted its stocks forecast for soybeans and wheat more than expected. As a result, Morgan Stanley cut its price forecasts for corn, wheat and soybeans on Tuesday, but added that it still saw upside potential in view of relatively low US stocks, especially in corn and soybeans. Commodity funds bought a net 5,000 Chicago Board of Trade soybean futures contracts on Tuesday, trade sources said. They were even in corn and bought 2,000 wheat.