SINGAPORE: Chicago corn futures slid more than 1% on Thursday and soybeans fell for the first time in three sessions, as forecasts of rains in the US Midwest eased concerns over dry weather. Wheat lost more ground, trading near a one-week low, as a lack of demand for US supplies pressured prices.

“Cooling in the next week will reduce the stress and even though rain advertised is likely to be sporadic and light enough to maintain some concern over crop conditions and production potential especially in the longer-range outlook…,” said Terry Reilly, senior analyst with Futures International in Chicago.

The most-active corn contract on the Chicago Board of Trade (CBOT) fell 1.2% to $5.96-3/4 a bushel, as of 0321 GMT, and soybeans lost 0.5% to $13.53-3/4 a bushel.

Wheat gave up 0.5% to $6.13-1/2 a bushel. Expectations of wet weather in parts of the US Midwest are weighing on corn and soybean prices.

Traders in the agricultural markets are taking positions ahead of the US Department of Agriculture’s closely watched World Agricultural Supply and Demand Estimates report on Friday.

Losses in the soybean market were limited by strong Chinese demand.

China imported a record 12.02 million metric tons of soybeans in May, up 24% from a year ago, customs data showed, as cargoes delayed during recent strict inspections were finally unloaded at ports.

The imports by the world’s top soybean buyer were up from April’s 7.26 million metric tons, which were far short of expected arrivals.

CBOT soybeans may rise to $13.69-1/2

Commodity funds were net sellers of CBOT corn, wheat and soyoil contracts on Wednesday, traders said.

The funds were net buyers of CBOT soybeans and soymeal futures.