Wheat futures on the Chicago Board of Trade declined on Wednesday for an eighth straight session, with the front contract at a 10-year low on ample world supplies and worries about export demand after Egypt cancelled a purchase tender. The main state grain buyer for Egypt, the world's biggest wheat importer, canceled its tender after receiving just one offer. It was the first tender since Egypt on Sunday reinstated a zero-tolerance policy on ergot, a common fungus.
CBOT most-active December wheat settled down 4 cents at $3.88-1/4 per bushel. CBOT September wheat settled down 2-1/4 cents at $3.61 after dipping to $3.59-1/2, the lowest spot price on a continuous chart since August 2006. Wheat hit by broad declines in commodities after government data showed a large surprise weekly build in US crude oil and distillate stocks. The 19-market Thomson Reuters CoreCommodity CRB Index was down about 1.4 percent. MGEX spring wheat futures also closed lower.
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