Wheat at 5-month low as U.S. sees hefty supplies
Chicago corn slipped 0.2 percent to $7.26-1/4 a
bushel, near Tuesday's trough of $7.23-3/4, which was the lowest in nearly a month.
Soybeans dropped 0.8 percent to $14.60 per bushel.
The USDA kept its U.S. corn stocks estimate at 647 million
bushels, the smallest in 17 years, reflecting the impact of the worst drought in half a century this year.
But the agency trimmed its estimate of soybean ending stocks by 10 million bushels to 130 million, the lowest in nine years but in line with markets' expectations.
Grains prices, along with other commodities, could get a
boost later in the session, if the U.S. Federal Reserve decides to launch more economic stimulus by topping up its monthly bond buying programme in its bid to bring down unemployment.
Expectations are running high that the Fed will unveil plans to buy $45 billion more bonds every month, on top of the $40 billion it announced in September.
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