Argentine rains hit wheat prospects.

Argentine wheat sowings, hampered by excessive rains, will not rise as fast as had been thought, hurting hopes for a bumper harvest although high soil moisture levels have lifted expectations for corn seedings. US Department of Agriculture’s Buenos Aires bureau pegged Argentine near completed wheat seedings at 5.2 mln hectares for 2017-18 a rise of 300,000 hectares year on year, but below an official USDA estimate of 5.6 mln hectares.