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By Mark Weinraub
CHICAGO, Dec 14 (Reuters) – U.S. corn and wheat futures trended lower on Wednesday after hitting 11-day highs a day earlier as traders waited for more bullish news before pushing grain prices above those recent peaks.
Soybeans were firm, shedding overnight weakness, with investors hoping that export demand for U.S. supplies of the oilseed will remain strong until Brazil farmers begin harvesting their crop.
Price moves in the agriculture sector were mostly muted as traders awaited direction from a U.S. Federal Reserve interest rate decision due at 1 p.m. CST (1900 GMT). “Today it is the Fed that will be closely followed,” consultancy Agritel said in a note.
At 11:14 a.m. CST (1714 GMT), Chicago Board of Trade January soybean futures SF3 were up 4-3/4 cents at $14.84-1/2 a bushel.
“Beans continue to fare better than the feed grains in general, thanks to ongoing overall demand,” Matt Zeller, director of market information at brokerage StoneX, said in a note to clients.
CBOT March corn futures CH3 were down 2-1/2 cents at $6.51 a bushel and CBOT March soft red winter wheat WH3 was 1-1/2 cents lower at $7.49-1/4 a bushel.
Wheat futures were led lower by a sharp decline in K.C. hard red winter wheat contracts that track the crop grown in the U.S. Plains. Heavy snowfall in that part of the United States will provide much needed moisture to dry soils, boosting harvest expectations for the dormant crop.
K.C. hard red winter wheat for March delivery KWH3 shed 14-3/4 cents to $8.50-1/2 a bushel.
Drought in Argentina was still a risk for international corn and soybean supply, with the benefit of showers last weekend potentially limited by a hot week ahead, analysts said.
The resumption of sailings on Tuesday from Odesa, after the Ukrainian port had suspended operations on Sunday after Russian strikes on energy supplies, tempered worries about renewed war disruption to Black Sea trade.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu and Uttaresh.V, David Evans and Aurora Ellis)
((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))
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