Wheat drops

SINGAPORE: Chicago wheat slid for a third consecutive session on Wednesday, trading near the previous session´s six-week low as forecasts for rain improved the prospects for the U.S. winter crop.

Soybeans edged lower after closing marginally higher with the market remaining under pressure from all-time high Brazilian harvest. "Global wheat stocks are huge and yields are looking big," said Phin Ziebell, agribusiness economist at National Australia Bank.

"Even though U.S. plantings are down this year, yields are expected to be good. Black sea has a lot of wheat and Europe´s production outlook is good." The CBOT most-active wheat contract fell 0.4 percent to $4.25 a bushel by 0255 GMT, having closed down 0.9 percent on Tuesday when prices hit a low of $4.23 a bushel - weakest since Feb. 7.