SINGAPORE- Chicago wheat futures lost more ground on Monday, with prices dropping to their lowest in more than a month as snowfall across key US growing regions boosted expectations of a bumper crop.
Corn and soybeans also fell in Asian trade.
“This decline in wheat prices should give importers a buying opportunity,” one Singapore-based trader said. “We don’t see a big drop in wheat prices from the current levels.”
The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.2 percent to $6.37 a bushel, near the session’s low of $6.36-3/4 a bushel, its lowest since Feb. 12.
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