SINGAPORE- Chicago wheat futures slid for a second straight session on Thursday as forecasts for mild temperatures and some rain in key US growing regions fuelled expectations of a bumper harvest.
Soybeans rose for a second consecutive session while corn edged higher for a third day in a row, although forecasts of near-record production in Brazil and Argentina limited gains.
Easing concerns about the Omicron coronavirus variant added pressure on prices.
“US wheat prices are at now at new lows for the period since the Omicron variant emerged,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
“The lack of a bounce in wheat prices now that fears about Omicron are fading is perhaps not so odd. Omicron’s emergence was more a catalyst for some investors to exit several markets simultaneously, wheat included.”
The most-active wheat contract on the Chicago Board of Trade gave up 0.4 percent to $7.91-3/4 a bushel, after closing 1.7 percent lower on Wednesday.
Soybeans gained 0.2 percent to $12.64 a bushel and corn climbed 0.2 percent to $5.88-1/4 a bushel.
US weather models call for mild temperatures, aiding wheat crops ahead of their dormancy period. — Reuters
