SINGAPORE- Chicago wheat futures lost more ground on Wednesday, with profit-taking driving down the market which climbed to a two-month high earlier this week on strong demand and tightening supplies in top exporter Russia.
Corn retreated from a three-week high scaled in the previous session and soybeans slid.
“Here we see the flow on from less Russian wheat being available,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
“And that flows on to likely making room for more US wheat exports to flow eastward as season 2021 progresses.”
The most-active wheat contract on the Chicago Board Of Trade
(CBOT) gave up 0.9 percent to $7.45-3/4 a bushel, having closed 1 percent lower on Tuesday.
Corn lost 0.4 percent to $5.41-1/2 a bushel and soybeans fell 0.2 percent to $12.35-1/4 a bushel. – Reuters
