SINGAPORE- Chicago wheat futures slid on Wednesday, giving up gains from the previous session, pressured by ample supplies from freshly harvested crops in the southern hemisphere.
Soybeans edged higher, although expectations of large output in Brazil limited the upside in prices. Corn also firmed.
“For now there are ample wheat supplies in the market which are keeping a lid on prices,” said one trader in Singapore.
The most-active wheat contract on the Chicago Board of Trade (CBOT) slid 0.6 percent to $5.54-3/4 a bushel, as of 0412 GMT. Soybeans added 0.5 percent to $9.88 a bushel and corn climbed 0.1 percent to $4.28-1/2 a bushel.
Expectations of bumper output from ongoing harvest in Australia continued to provide headwinds to prices. US winter wheat crop conditions improved for a fourth straight week following timely rainfall across the Plains this month, according to a US Department of Agriculture report on Monday.
