Private analytics firm Informa Economics raised its 2013 US corn acreage forecast to 99.026 million acres, which would be the biggest since 1936. The raised acreage view came despite sluggish demand for corn from importers and ethanol producers. "That is definitely what we are keying off of," said Brian Hoops, president of Midwest Market Solutions. At 11:48 am CST (1600 GMT), CBOT March corn was down 11-1/4 cents at $7.08-3/4 a bushel. The contract bottomed out at $7.05-3/4, its lowest since July 11. New-crop December corn was down 6 cents at $6.17 a bushel, hitting a one-month low earlier in the session.
CBOT March wheat which traded as high as $8.22-3/4 a bushel early in the session, was down 5-1/4 cents at $8.06 a bushel and dropped below the 200-day moving average. Soyabeans fell for the second consecutive session, extending declines spurred by China's cancellation of purchases of US supplies. CBOT January soyabeans were 26 cents lower at $14.40 a bushel. The contract slipped below its 30-day moving average during Wednesday's session.