SYDNEY – US wheat futures fell nearly 1 percent on Wednesday to a two-week low as concerns about global supplies eased on forecasts for rain across the US Plains, a major grain-producing region.
Corn declined after hitting a 14-month peak in the previous session, while soybeans edged lower despite strong global demand and supply concerns.
The most active wheat futures on the Chicago Board Of Trade were down 0.7 percent at $6.11-1/2 a bushel, near the session trough of $6.10-1/4 a bushel – the lowest since Oct 15. Wheat closed down 0.7 percent on Tuesday.
“Weather forecasters are confident that the dry US winter wheat regions will receive enough rainfall for a meaningful lift in soil moisture,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Conditions across the Black Sea region have also improved, Sovecon, a leading agriculture consultancy in Moscow, said in a note on Monday.
The most active corn futures were up 0.4 percent at $4.15 a bushel. Corn closed down 0.4 percent on Tuesday, when prices earlier hit a 14-month high of $4.22-1/4 a bushel.