SINGAPORE- Chicago wheat edged up on Wednesday, after suffering losses in the previous two sessions that dragged the market to its lowest in two months on lack of demand for US cargoes and improving global supply situation.
Corn and soybeans lost more ground, hitting their lowest levels in two weeks.
“The US price falls look meaningful because prices are at, or a shade below, the low side of recent ranges,” said Tobin Gorey, director of agriculture strategy at the Commonwealth Bank of Australia.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.3 percent to $5.78-3/4 a bushel after dropping in the previous session to its lowest since Oct. 5 at $5.74 a bushel.
Corn gave up 0.3 percent to $4.19-1/2 a bushel and soybeans fell 0.4 percent to $11.57-1/2 a bushel. Earlier in the session, both markets hit their lowest since Nov. 17.