SINGAPORE- Chicago wheat futures slid for a fourth consecutive session on Monday, with the market trading close to a three-month low hit in the last session as improved weather across the Northern Hemisphere boosted expectations of bumper supplies.
Soybeans and corn lost ground after last session’s rally.
“It is not just in US Plains, we are seeing favorable rains in parts of Russia and Ukraine,” said one Singapore-based trader. “For now, Australia has ample supplies to meet demand.”
The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.2 percent at $6.25-3/4 a bushel, after closing down 0.6 percent on Friday when prices hit a Dec. 30 low.
Soybeans Sv1 were down 0.1 percent to $14.15 a bushel, after firming 1.7 percent on Friday and corn Cv1 gave up 0.3 percent to $5.56 a bushel, after gaining 2.1 percent in the previous session.