US wheat futures fell 1.5 percent on Wednesday, hitting their lowest in more than a week on poor export demand for US supplies and pressure from a firm US dollar, traders said. Corn edged higher, with traders noting some bargain buying after posting sharp declines in the previous two sessions. Soyabeans were weaker, but bargain buying pulled prices from their session lows after prices dipped below $10 a bushel.
Chicago Board of Trade wheat was on track for its fourth day of losses out of the last five. Egypt, the world's top buyer of wheat, on Wednesday again bypassed US offerings in its latest tender in favour of cheaper supplies from France and Ukraine. "We have kind of priced ourselves out of the global market," said Karl Setzer, analyst at MaxYield Co-operative.
At 11:04 am CST (1704 GMT), the benchmark CBOT December soft red winter wheat contract was down 7-3/4 cents at $5.22-3/4 a bushel. Prices bottomed out at $5.18-3/4 a bushel, the lowest since October 27. CBOT corn for December delivery was 2 cents higher at $3.66-1/2 a bushel. Traders said the gains were limited by pressure from the ongoing harvest of a likely record US crop. Forecasts for warm and dry weather that should allow farmers to speed through the tail end of their harvest kept a bearish tone hanging over both corn and Soyabeans.
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