US wheat futures fell about 2 percent on Wednesday on a mix of profit-taking following 10-month highs established a day earlier and improving weather forecasts for US and Canadian spring wheat regions, analysts said. Corn futures hit a one-month low and soyabeans followed the weak trend.
As of 12:51 p.m. CDT (1751 GMT), Chicago Board of Trade July wheat was down 12 cents at $5.24-1/2 per bushel, a day after climbing to $5.54, its highest level since July 2017. CBOT July corn was down 6 cents at $3.94 a bushel after dipping to $3.90-3/4, its lowest price since April 25. July soyabeans were down 6 cents at $10.24-1/2 a bushel.
Wheat fell the most, but traders said the selling in all three commodities was largely technical. Forecasts for much-needed showers in wheat areas of the Canadian Prairies added to bearish sentiment.
Corn and soya prices sagged on follow-through selling after Tuesday's downside reversals, and as trade tensions between China and the United States flared again. The US Department of Agriculture late on Tuesday rated 79 percent of the corn crop as good to excellent, above the highest in a range of trade estimates and up from 65 percent at the same point last year.
The USDA rated 38 percent of the winter wheat crop as good to excellent, up from 36 percent the previous week. Analysts on average had expected no change.