Wheat, soybeans and corn all resume their slide after fresh signs of oversupply

Grains resume their slide on fresh supply signs

NEW YORK — Grain prices are tumbling following fresh signs of oversupply.

Wheat for March delivery fell 18.25 cents, or 3.8 percent, to settle at $4.69 a bushel Wednesday.

Soybeans dropped 17.5 cents to $9.08 a bushel, while corn tumbled 12 cents, or 3.3 percent, to $3.53 a bushel.

Vic Lespinasse, an analyst for grainanalyst.com, said new research showed production in Brazil and Argentina is likely to be higher than expected.

China, a big buyer of grains, has been shifting its purchases from the U.S. to the South American countries, which has also hurt domestic prices, he said.