SINGAPORE- Chicago wheat futures slid on Tuesday, with the market facing pressure from leading importer China cancelling more US cargoes amid plentiful world supplies.
Corn lost ground, while soybeans ticked higher, with both markets likely to face headwinds from expectations of near-record South American production.
“Wheat prices are likely to fall further when you look at production prospects across the northern hemisphere,” said one Sydney-based analyst. “Supplies are going to rise.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) slid 0.1 percent to $5.46-1/2 a bushel. Corn fell 0.2 percent to $4.40-3/4 a bushel, while soybeans added 0.3 percent to $11.82-1/4 a bushel.