SINGAPORE: Chicago wheat futures edged lower on Tuesday, easing for a second session after forecasts for much-needed rains for the U.S. Plains winter wheat crop.
Corn fell, tracking wheat, while soybeans dipped for a third session on pressure from record South American supplies. The Chicago Board of Trade most-active wheat contract slid 0.4 percent to $4.28-3/4 a bushel by 0242 GMT after dropping 1.4 percent in the last session. Corn gave up 0.2 percent to $3.62-3/4 a bushel and soybeans lost 0.1 percent to $9.99 a bushel.
"The wheat market collapsed last night and today it remains in a bearish tone," said Kaname Gokon at brokerage Okato Shoji in Tokyo. "The weather for U.S. winter crop is expected to improve, (and) there is more downside for wheat prices.
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