Trading was choppy, with positioning ahead of monthly USDA reports on crop production, supplies and demand overshadowing a sale of 360,000 tonnes of U.S. soybeans to top-importer China.

Chicago corn prices have come under pressure with near-record USA crop flooding the market.

The October WASDE USDA of global coarse grain supplies for 2015-’16 are projected 8.3 million metric tons lower than they were in the September report, mostly as a result of reduced foreign corn beginning stocks and production.

While the USDA made a small upgrade to its number for the domestic soybean yield, by 0.1 bushels per acre to 47.2 bushels per acre, it cut its estimate for harvested area by more than 1.1m acres, a far bigger increase than the 635,000-acre downgrade that traders had expected.

Corn prices also declined after reaching a more than two-month high on Tuesday.

Analysts, on average had been expecting harvested corn acreage of 80.826 million and harvested soybean acreage of 82.914 million.

Corn is the biggest US crop, and the harvest that started September 1 will total 13.555 billion bushels, the USDA also said.

The department has narrowed it’s 2014-15 U-S season-average farm price for wheat by 10 cents on both ends to from 4.75 to 5.25 a bushel.

The lowest offer in Egypt’s wheat purchase tender that closes on Friday was $196.74 a tonne free on board (FOB) for French wheat, traders said. The wheat market has rallied since September, most recently on concerns that dry weather could curb crop-yields in major grain producing regions like the former Soviet Union and Australia.

“Some of the euphoria we had in the last week was popped by a few sobering export sale numbers”, said Mr. Karlin, noting that although soybean sales last week were solid, “this is the time of time year we should be hitting ball out of the park and we’re not”. December live cattle was up 1.52 cents to $1.3767 a pound; November feeder cattle gained 2.88 cents to $1.8410 a pound; while December lean hogs rose.