Wheat falls to lowest since Oct

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    SINGAPORE- Chicago wheat lost more ground on Monday, with prices dropping to their lowest in more than two months, as estimates of higher production in Australia and Canada offset worries over adverse weather in the US Plains.

    Soybeans and corn fell for a second consecutive session as improved weather in Brazil weighed on prices.

    “Australian crop keeps getting bigger and we could hit 34 million in the end, however, it is also leaving the country in a frantic pace,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney.

    “So, the harvest pressure will abate soon and traders may have to pay bit more to chase the grain.”