SINGAPORE- Chicago wheat slid for the first time in five sessions on Wednesday, with prices falling from a two-month high hit in the previous session, although losses were limited by worries over adverse weather in key northern hemisphere exporters.
Corn was largely flat, while soybeans edged higher.
“There are factors in the wheat market which are supportive for prices,” said one Singapore-based trader. “We are looking at some less-favorable weather in parts of the US and Europe. Funds are holding large short position in the market and talk about lower output can drive prices higher.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.5 percent at $5.99-1/2 a bushel. In the previous session, the contract climbed to its highest since mid-February at $6.03-1/2 a bushel.
Corn was flat at $4.52-1/2 a bushel and soybeans added 0.2 percent to $11.83-3/4 a bushel.
