Investing.com - U.S. grain futures edged modestly lower in subdued trade on Wednesday, as market players continued to monitor weather conditions in the U.S. and South America to gauge the health of global crop prospects.
On the Chicago Mercantile Exchange, U.S. wheat for May delivery declined 0.26%, or 1.9 cents, to trade at $7.0713 a bushel during U.S. morning hours.
The May wheat contract fell 0.87%, or 6.2 cents, on Tuesday to settle at $7.0820 a bushel, as investors booked gains from a recent rally which was sparked by mounting concerns over the health of the U.S. winter-wheat crop.
Prices of the grain surged to an 11-month peak of $7.2340 a bushel on March 20. Futures have risen nearly 15% in March.
According to the U.S. Department of Agriculture, approximately 33% of the Kansas wheat crop was rated in good to excellent condition as of last week, down from 34% a week earlier, as dry and cold temperatures damaged crops.
Nearly 21% of the crop was poor to very poor conditions, compared with 20% a week earlier. Kansas is the largest wheat producing state in the U.S.
Elsewhere on the CBOT, U.S. corn futures for May delivery slumped 0.23%, or 1.1 cents, to trade at $4.8588 a bushel. The May corn contract shed 0.71%, or 3.4 cents, on Tuesday to settle at $4.8640 a bushel.
Corn prices weakened following China's cancellation of 21,800 tonnes of U.S. shipments earlier in the week after detecting an unapproved genetically-modified strain.
The Asian nation has turned away approximately 908,800 tonnes of U.S. corn since November.
Meanwhile, U.S. soybeans futures for May delivery dipped 0.18%, or 2.6 cents, to trade at $14.2563 a bushel. The May soybean contract rose 0.18%, or 2.4 cents, on Tuesday to settle at $14.2800 a bushel.
Soybeans prices remained supported amid indications of strong export demand for U.S. supplies.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.