US wheat futures fell to near two-month lows on Wednesday on forecasts for another round of beneficial showers next week in the southern Plains production belt that could boost winter wheat production prospects, analysts said. Chicago Board of Trade soyabean futures eased while corn firmed in choppy trade. As of 12:59 pm CDT (1759 GMT), CBOT May wheat was down 2-1/4 cents at $4.50-3/4 per bushel after dipping to $4.46-3/4, its lowest since January 26. K.C. May hard red winter wheat was down 6-1/4 cents at $4.63-3/4 after hitting $4.58-1/4, its lowest since January 26.
CBOT May soyabeans were down 1-1/2 cents at $10.26-3/4 a bushel and May corn was up 1/2 cent at $3.75. K.C. wheat futures led the declines in wheat on the potential for rains next week in the Plains hard red winter wheat belt, where crops are coming out of dormancy and resuming spring growth. K.C. and CBOT Chicago wheat futures have been under pressure since a winter storm this week brought rain and snow to parts of the region where drought had been intensifying.
CBOT soyabeans turned lower on technical selling, although CBOT soyameal and soyaoil futures firmed. Worries about the impact of a potential trade war on US grain and soya exports hung over the market, capping rallies, as US President Donald Trump prepares to announce on Friday up to $60 billion in import duties on Chinese goods.
Corn was underpinned by export demand for US supplies. The US Department of Agriculture said private exporters sold 138,000 tonnes of US corn to South Korea, marking the third such sales announcement in as many days.