OREANDA-NEWS. February 11, 2015. Chicago corn futures eased on Tuesday after reaching their highest in almost three weeks, as traders adjusted positions ahead of U.S. government crop estimates that should confirm ample global grain supply.

Wheat and soybean also edged lower in light trading before the U.S. Department of Agriculture's (USDA) monthly world supply/demand report due at 1700 GMT.

A rise in the dollar also curbed prices as it makes commodities denominated in the currency less attractive internationally.

Chicago Board Of Trade March corn dipped 0.3 percent to \\$3.90 a bushel by 1324 GMT, having gained 1.4 percent to its highest since Jan. 21 in the previous session.

March soybeans fell 0.2 percent to \\$9.76-3/4 a bushel and wheat slipped 0.7 percent to \\$5.26-1/4.

"The market is waiting to see what is going to happen in the USDA report, obviously the trend has been of lower prices and good supplies across the board," Phin Ziebell, agribusiness economist, National Australia Bank, said.

"Certainly, we have seen some welcome rains in the U.S. over the past month and we haven't seen the kind of conditions which will result in a significant downward revision in yields."

Soybeans drew some support earlier this week on news that top soybean importer China purchased 120,000 tonnes, while analysts at AgRural and FCStone reduced forecasts for the crop in Brazil.

But forecasters still expect a record Brazilian harvest that could dent export demand for U.S. soybeans.

The USDA was likely to make only minor adjustments to its forecasts, and global grain supplies were ample in the early days of bumper South American harvests, which follow record-high U.S. corn and soy crops last autumn.

Australia raised its forecast for the just harvested 2014/15 wheat crop on Tuesday, as timely rains in key growing regions aided yields in the world's fourth-largest exporter, easing one of the few production concerns in the wheat market.