BEIJING- Chicago wheat futures fell on Wednesday, dragged down by expectations of large incoming crop supplies, with corn also off gains in the previous sessions, although soybeans were marginally higher.
The most active wheat contract on the Chicago Board of Trade Wv1 was down 0.4 percent to $7.84 a bushel, and the most-active corn contract was also down 0.1 percent at $5.90 a bushel.
Soybeans edged up 0.04 percent to $12.60 a bushel, after gaining over 1 percent on Tuesday tracking strong soymeal futures.
Despite expectations of larger supplies from places such as Australia, broader market issues could lift grain prices in the next six months, said Phin Ziebell, agribusiness economist at National Australia Bank.
“You have high fertilizer prices and a lot of issues with the global supply chain which is not being resolved,” he said.
“So there will be tightness in the market, you’ll see a lot of jumpiness in response to events.” — Reuters
