CANBERRA- Chicago wheat futures slipped on Tuesday, ending a run of four consecutive daily gains triggered by poor production in Europe, as concerns over ample global supply reasserted themselves to hold prices near their lowest since 2020.
Soybeans and corn futures also dipped after signs of improving demand drove price gains last week.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.3 percent at $5.49-3/4 a bushel and not far from July’s four-year low of $5.14.
Crop in the European Union, including the worst French wheat harvest since the 1980s, helped lift prices 4.5 percent last week, but prospects elsewhere are good.
“Higher projected wheat production is expected for Canada, Argentina, Australia and the United States and should more than offset reduced expected production for the Russian Federation, the European Union, and Ukraine,” the Australian agriculture ministry said in a report.
In the same report, the ministry raised its official forecast for Australia’s wheat output by 2.7 million metric tons.
