Chicago wheat drops 0.9%

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    SINGAPORE- Chicago wheat futures lost ground on Monday as the market eased from its highest since late June, while tightening world supplies and rising prices in top exporters limited losses.

    Soybeans gained for a third consecutive session and corn dropped for a second day.

    The most-active wheat contract of the Chicago Board of Trade was down 0.9 percent at $5.27-1/2 a bushel. The market on Friday climbed to $5.33 a bushel, the highest since June 28.

    Soybeans added 0.2 percent to $9.35-1/2 a bushel and corn fell 0.3 percent to $3.89-3/4 a bushel.

    “If you look at world supplies there seems to be plenty of wheat, but the supply of milling quality is tightening as some downgrades in the United States have resulted in a lot of feed wheat being produced,” said one Singapore-based trader at an international trading company.

    Wheat drew support last week as worsening crop prospects in southern hemisphere exporters Argentina and Australia, as well as weather-hampered spring wheat harvests in North America, have shifted attention away from large global stocks. – Reuters