KUALA LUMPUR- Chicago wheat prices edged down on Wednesday, hit by prospects of more supplies from the European Union (EU), while a surge in COVID-19 cases in China limited gains on soybeans.
French wheat sales to China and talk of Polish or German wheat being booked in the United States are creating an unexpected wave of demand for EU supplies after exports had been curbed by Russian competition in recent weeks, traders said.
“Ideas that some European wheat ‘pencils in’ to being exported to the US East Coast helped to pressure the market,” Hightower said in a report.
Talks of a record crop from Russia helped to add to the bearish tone, it added.
The most-active wheat contract on the Chicago Board of Trade (CBOT) slipped 0.25 percent to $8.08-1/2 a bushel.
Soybeans rose 0.14 percent to $14.31-3/4 a bushel, and corn rose 0.04 percent at $6.59-1/2 a bushel.
