GRAINS-Wheat drops from 2-week high; corn and soybeans ease

miércoles 30 de marzo de 2016 12:58 GYT

* Wheat down on wetter U.S. Plains weather, technical sales

* Corn, soybeans drift lower ahead of USDA report (Updates prices, adds quote, changes byline, changes dateline from HAMBURG/SINGAPORE)

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 was down 12-1/2 cents, or 2.6 percent, at $4.64-1/4 a bushel by 11:39 a.m. CDT (1639 GMT), 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 13-3/4 cents, or 2.9 percent, to $4.68 a bushel, breaching both its 50- and 100-day moving averages in the process.

Although a portion of the HRW wheat belt could remain dry, updated forecasts indicate a better chance for rain in the central and southeast Plains over the next two weeks, the Commodity Weather Group said in a note.   Continuación...