Grain, Corn, soybeans prices august 8 2012

Grain, Corn, soybeans prices august 8 2012 : U.S. grains drifted down on Wednesday in cautious position-taking ahead of a key U.S. Department of Agriculture (USDA) crop report on Friday and as a state meeting reviewed the need for grain export restrictions in Russia, There are forecasts of more rain in the U.S. which is adding weakness to prices. But this rain is now likely to be too late to save much of the U.S. corn crop.

Chicago Board of Trade November soybeans fell 0.2 percent to $15.61-1/4 a bushel by 1044 GMT, having closed down 1.2 percent on Tuesday after more rain was forecast in the parched U.S. Midwest grainbelt.

Chicago December corn fell 0.8 percent to $7.93-3/4 a bushel after dropping 0.6 percent on Tuesday, while September wheat fell 1.5 percent to $8.75-1/2 a bushel having closed down 0.5 percent on Tuesday.

Grain markets have fallen this week as the market readies for the next USDA world grains supply and demand report on Friday. Analysts believe the worst drought across the U.S. Midwest in 56 years will mean new cuts in 2012/13 corn and soybean production estimates.

CBOT corn futures have soared more than 50 percent and soybeans rose by about 30 percent over the past two months as the drought devastated U.S. crops.

Meanwhile, a Russian government meeting on Wednesday will discuss whether grain export restrictions are needed following a heatwave and drought which has cut Russia's wheat crop. Results of the meeting are expected on Wednesday afternoon.

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