WHEAT – Down 10 to 15 cents per bushel.
Pressure from a higher dollar and profit-taking after the rally early in the week to a four-month high left the market technically overbought and due for a correction.
* USDA to cut U.S. wheat stocks amid Australian rain.
* Floods in Australia cut wheat crop. Estimated 60 percent of forecast 26.8 million tonne crop reduced to feed grade, compared with normal 5 to 10 percent.
* Heavy storms on Tuesday in Australia’s wheat harvest region was highly unfavorable for mature wheat and likely delayed harvest.
* Dry weather remains a concern in the U.S. Plains hard red winter wheat region and there are no indications of relief from the dryness for at least the next 10 days.
* In contrast, recent rainfall in the U.S. Midwest soft red winter wheat region has boosted soil moisture reserves as the crop enters its winter dormancy.
CORN – Down 3 to 5 cents per bushel.
Weighed down by a higher dollar and sliding wheat futures. Corn undergoing a technical profit-taking setback ahead of the release on Friday of USDA’s December supply/demand report.
SOYBEANS – Down 7 to 10 cents per bushel.
Weighed down by a higher dollar and sliding wheat futures. Soybeans pressured by a technical profit-taking setback ahead
of the release on Friday of USDA’s December supply/demand report.
* Chinese demand seen paring U.S. soy inventories.
* Rainfall later this week seen easing stress on crops in the north but there is little rain forecast outside of this time frame through the end of the 10-day period. Overall satisfactory crop weather continues in Brazil.
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