US wheat futures fell to multi-year lows on Tuesday, pressured by strength in the dollar and better crop conditions than last year in the Plains, analysts said. Soyabean and corn futures were also mostly down, with the most-active May contracts in both markets falling to multi-week lows.
At the Chicago Board of Trade as of 1:11 p.m. CST (1911 GMT), May wheat was down 7-1/4 cents at $4.46 per bushel after dipping to $4.45-1/2, a contract low and the lowest price for a most-active contract since June 2010. Fundamentally, global wheat ending stocks for 2015/16 are projected to reach an all-time high, the US Department of Agriculture has said, while US wheat exports are forecast at a 44-year low.
Meanwhile, monthly crop reports released by the USDA late Monday showed crop condition ratings in Kansas, the top US winter wheat producer, improved in February. While ratings fell in several other states, winter wheat was in better shape than a year ago in Oklahoma and Montana, the No. 3 and 4 winter wheat states last year. The USDA rated 68 percent of Oklahoma's winter wheat as good to excellent at the end of February. CBOT May soyabeans were down 3-1/2 cents at $8.57-1/2 per bushel after touching $8.57, the contract's lowest since January 6, and May corn was down 1 cent at $3.56 a bushel after hitting $3.55-3/4, its lowest since January 12.
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