CANBERRA- Chicago Board of Trade (CBOT) wheat futures fell on Wednesday, as high crop ratings and favorable weather boosted hopes for US yields and plentiful Russian supply diminished demand for US exports.
Soybeans were little changed and corn rose slightly.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.6 percent at $5.42 a bushel.
CBOT soybeans were flat at $11.73-1/2 a bushel and corn climbed 0.3 percent to $4.27-3/4 a bushel.
All three contracts hit their lowest levels since 2020 in recent months amid ample supply, and speculators are betting prices will fall further.
“It’s hard to see a bullish picture for wheat,” said Commonwealth Bank analyst Dennis Voznesenski. “Farmers all around the world have a lot of grain on farm and we’re not even at mid-year harvest.”
