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Chicago corn, wheat and soybean futures fell on Wednesday, giving up some gains from earlier this week, after monthly USDA forecasts failed to provide clear direction, reports Reuters.
Traders were continuing to monitor weather in South America, where corn and soybean harvests are eagerly anticipated to help replenish declining U.S. stocks, while also looking for further clues on Chinese demand and U.S. spring planting.
The USDA's world crop report provided some initial support for the wheat market by reducing its forecast of global stocks, notably due to increased feed demand in China.
