Wheat near 1-month low as rains ease US crop concerns

Corn rose as the market took a breather following five consecutive sessions of decline while soybeans rose for a second day.

The most-active wheat contract on the Chicago Board Of Trade was unchanged at $4.53 a bushel by 0327 GMT. On Tuesday, prices dropped to a low of $4.50 a bushel, the weakest since Feb 22.

Corn added 0.1 percent to $3.75 a bushel, having lost 4.4 percent in the past five sessions and soybeans rose 0.1 percent to $10.29-1/2 a bushel, having firmed 0.6 percent on Tuesday.

"We are seeing improved weather in the United States and Argentina," said one Singapore-based agricultural commodities trader.

"Soybean crop losses in Argentina have now been priced in and for wheat, there is no major global supply threat."

The wheat market is under pressure as rains fell across parched U.S. fields in the last few days. Some forecast models called for another round of moisture in the drought-hit southern Plains, where the hard red winter wheat crop is exiting dormancy and resuming spring growth.

The U.S. Department of Agriculture (USDA) late on Monday rated 11 percent of top winter wheat producer Kansas in good-to-excellent condition, down from 12 percent a week earlier. Wheat ratings also declined in Texas.

The soybean market is focused on trade relations between the United States and China.

U.S. agricultural exports could be at risk in any retaliation over tariffs implemented by the White House, U.S. Secretary of Agriculture Sonny Perdue said on Monday.

Soybeans are the biggest U.S. agricultural export, followed by corn. China is by far the largest buyer of U.S. soybeans.

Late season rains will halt further deterioration of drought-hit Argentine soybean yields, setting the stage for an estimated crop of at least 40 million tonnes after being trounced earlier in the season by extremely dry weather, experts said on Tuesday.

The 2017/18 crop year started with soy harvest estimates in the 55 million tonne range. But the drought has parched wide areas of Argentina's normally fertile Pampas grains belt since November and scorched some soy and corn fields beyond repair.

Commodity funds were net sellers of CBOT corn and soyoil futures on Tuesday, and net buyers of soybeans, wheat and soymeal, traders said.