CANBERRA- Chicago wheat futures fell on Monday as a strong dollar made US exports more expensive for buyers with other currencies and large shipments from Russia underlined plentiful global supply.
Corn and soybean futures also edged lower.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1 percent at $5.50-1/4 a bushel, while CBOT soybeans fell 0.1 percent to $11.72-3/4 a bushel and corn slipped 0.2 percent to $4.34-1/2 a bushel.
All three contracts are near their lowest levels since 2020 amid ample supply.
Speculators have reduced their net short position in CBOT wheat but are still heavily betting on lower prices.
“The wheat market is well supplied,” said Andrew Whitelaw at agricultural consultancy Episode 3, adding that he expected prices to remain around current levels until data emerges that changes the supply-demand outlook.
