SINGAPORE- Chicago wheat futures slid for a second session on Wednesday as the market’s rally to its highest level since 2012 prompted heavy selling, although tightening global supplies and strong demand capped losses.
Corn lost more ground while soybeans eased after closing higher on Tuesday.
“New highs are finding new sellers is unsurprising,” Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia said, referring to gains in the wheat market.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) was down 0.3 percent at $7.89-1/2 a bushel, as of 0340 GMT, after hitting a December 2012 high of $8.07 a bushel on Tuesday.
Soybeans were down 0.4 percent at $12.50-3/4 a bushel and corn lost 0.6 percent to $5.69-1/2 a bushel.
The wheat market has rallied on the back of supply concerns and strong demand.
The US Department of Agriculture report on Monday showed “good-to-excellent” ratings for the US winter wheat crop fell to 45 percent – bucking analysts’ expectations for an improvement. – Reuters
