SINGAPORE- Chicago wheat futures slid on Wednesday after climbing to a five-month high in the last session, although the decline was limited by expectations of strong demand for US supplies.
Corn gained ground on Chinese demand, while soybeans fell for the first time in eight sessions.
“Supply-demand fundamentals are bullish for global wheat prices,” said one Singapore-based trader at an international trading company. “Black Sea farmers are not selling and this is tightening supplies.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.1 percent to $5.63-1/2 a bushel, having closed up 2.1 percent on Tuesday when prices jumped to the highest since April 1.
Soybeans Sv1 were down 0.4 percent to $9.50-3/4 a bushel, having firmed 0.1 percent on Tuesday, and corn added 0.1 percent at $3.58-1/4 a bushel, having closed little changed in the previous session.
Wheat supply forecasts have also tightened in exporting nations like Argentina and France due to unfavorable weather.
Dryness in the US Midwest grain belt, along with the impact of a mid-August windstorm in Iowa, have led traders and analysts to scale back previous projections for massive autumn corn and soybean harvests.
