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SINGAPORE- Chicago wheat futures lost ground on Wednesday, as the market took a breather after climbing last week to its highest in more than eight years on concerns over global supplies.
Soybeans and corn futures edged lower.
“Wheat production outlook is not looking great in several parts of the Northern Hemisphere,” said Phin Ziebell, an agribusiness economist at National Australia Bank in Melbourne. “It is becoming more of a sellers’ market.”
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The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.2 percent to $7.47 a bushel having closed down 3.4 percent on Tuesday. Wheat hit a February 2013 high of $7.75 a bushel last week. – Reuters
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