Corn and wheat futures followed soyabeans lower as optimism that China would be soon buying "a substantial amount" of US goods, including both grains, sputtered. China's commerce ministry said on Thursday this week's trade talks were extensive and detailed, while the US Trade Representative's office said on Wednesday that China had pledged to purchase "a substantial amount" of US agricultural, energy and manufactured goods and services.
However, grain markets were still seeking evidence of more Chinese demand, after several purchases of US soyabeans by China in the past month as part of a 90-day truce agreed by US President Donald Trump and Chinese counterpart Xi Jinping in their countries' tariff dispute.
In Brazil, statistics agency Conab cut its estimate of the 2018/19 soyabean harvest that is underway to 118.8 million tonnes from 120.1 million in December, near the high end of trade expectations.
Others, including consultancies AgRural and Agroconsult have also lowered their crop forecasts. Poor South American weather, including excessive rains in Argentina, have also trimmed some corn production forecasts. Chicago Board of Trade (CBOT) March soyabeans fell 17-3/4 cents to $9.06-1/4 per bushel by 11:57 a.m. CST (1757 GMT).
March corn fell 5-1/4 cents to $3.76-3/4 a bushel, breaching chart support at its 20-, 50- and 100-day moving averages. CBOT March wheat dropped 6 cents to $5.14 a bushel, the first decline in six sessions.