CANBERRA- Chicago wheat futures fell on Thursday after Argentina’s Rosario grains exchange said the country would produce more than it previously expected, improving the near-term supply outlook.
Corn futures slipped from the 5-1/2-month high reached on Wednesday, when the US Department of Agriculture (USDA) said improved US exports would push US end-of-season stocks to a two-year low.
Soybean futures also edged lower amid expectations of large harvests in Brazil and Argentina.
The most-active wheat contract on the Chicago Board of Trade was down 0.5 percent at $5.60-1/4 a bushel after reaching a two-week high of $5.69-1/2 on Wednesday.
CBOT corn fell 0.3 percent to $4.46-3/4 a bushel and soybeans slipped 0.1 percent to $9.94-1/4 a bushel.
All three contracts fell to four-year lows this year due to ample supply and struggled to rise from those levels.
The rising prices of corn, which competes with wheat as an animal feed, and higher export prices from top shipper Russia helped wheat, StoneX analyst Bevan Everett said.
