GRAINS-Wheat drops from 2-week high; corn and soybeans ease
* Wheat down on U.S. Plains rain outlook, technical selling
* Corn, soybeans drift lower ahead of USDA report (Updates with closing prices)
By Karl Plume
CHICAGO, March 30 (Reuters) - U.S. wheat futures tumbled more than 2 percent on Wednesday, erasing two sessions of gains, as forecasts for rain in some dry areas of the southern Plains eased concerns about reduced yields.
Corn and soybeans also declined as traders adjusted positions ahead of the U.S. Agriculture Department's planting intentions and quarterly U.S. stocks reports scheduled for release on Thursday.
"We are seeing some wheat selling pressure today after its strong rises in the past few days after concern about cold and dry weather in the southern U.S. Plains," said Stefan Vogel, head of agricultural commodity markets research at Rabobank.
Chicago Board of Trade May soft red winter wheat fell 12-3/4 cents, or 2.7 percent, to $4.64 a bushel, the steepest percentage drop since early November. Selling accelerated as the contract dropped below its 50-day moving average around $4.68-3/4.
May hard red winter wheat tumbled 16 cents, or 3.3 percent, to $4.65-3/4 a bushel, breaching both its 50- and 100-day moving averages in the process.
HRW contracts came under additional pressure from unwinding of hard and soft wheat futures spreads. Continuación...