Chicago soybean price lost 2.4 percent on Wednesday, pressured by increasing precipitation over the main growing area in South America. Corn dipped while wheat ended a tad higher.

The most active corn contract for March delivery dipped 0.5 cent to close at 6.515 U.S. dollars per bushel. March wheat added 1.25 cents, or 0.2 percent, to 6.41 dollars per bushel. March soybean trimmed 29 cent, or 2.4 percent, to close at 12.03 dollars per bushel.

Greater than expected precipitation on some major dry areas in Argentina and southern Brazil in the last 24 hours has helped drive soybean price sharply lower, as many analysts believed that soybean production potential can still recover, as long as the weather turns more crop friendly for mid-January through mid- February

As for corn, many traders believed that significant and permanent yield damage has been done for corn in South America, as most of Argentina's corn crop was in the critical, yield- determining pollination phase of development during the hottest, driest weather over the past month, which is considered supportive to corn prices.

Meanwhile, a stronger U.S. dollar and weaker energy prices both weighed on the market.

Wheat prices got a boost, as U.S. Department of Agriculture was expected to trim U.S. and global ending stocks estimate in its Supply/Demand reports.