US MIDDAY: wheat extends declines

US wheat futures dropped to their lowest level in more than six weeks on Tuesday, their second straight day of declines, as the weather forecast bolstered expectations for strong yields adding to already-abundant supplies in thhe coming weeks, traders said Corn futures also fell, hitting a one-week low on pressure from the drop in wheat and improving crop prospects in Brazil.
Soyabeans were weaker, but declines were limited by bargain buying. Rally attempts were kept in check by expectations of huge harvests in South America. K.C. wheat futures notched the biggest losses, shedding 1.5 percent. At 9:47 am CDT (1447 GMT), Chicago Board of Trade May soft red winter wheat was off 5-1/2 cents at $4.24-3/4. Prices for the most-active contract bottomed out at $4.24-1/4, their lowest since February 6.
K.C. hard red winter wheat for May delivery was down 7 cents at $4.38-1/4 a bushel. So far this week, CBOT wheat has dropped 2.5 percent while K.C. hard red winter wheat was off 3.4 percent. CBOT May corn was down 2-3/4 cents at $3.60-3/4 a bushel. Rain was expected in Brazilian corn growing areas in the coming two weeks, which could favor the development of crops for the country's second annual corn harvest, Commodity Weather Group said. Crop analysts also continued to raise estimates of Brazil's ongoing soyabean harvest to new records. A record harvest also was expected in Paraguay, the world's fourth biggest soyabean exporter. CBOT May soyabeans were down 1-1/4 cents at $9.98-1/4 a bushel. Soyabean futures have fallen for 10 of the previous 11 sessions.