Chicago Board of Trade (CBOT) soft red winter wheat futures fell to three-month lows on Tuesday while US hard wheat futures hit their lowest levels in a decade, pressured by ample world supplies and strong export competition, analysts said. Corn futures fell to life-of-contract lows on mild crop weather that bolstered confidence in US harvest prospects, and soyabean futures followed the weaker trend. As of 1 pm CDT (1800 GMT), benchmark CBOT December soft red winter wheat was down 11 cents at $4.51-1/2 per bushel.
Front-month K.C. hard red winter wheat dipped to $3.62-3/4 a bushel, the lowest spot price on a continuous chart since December 2005. And Minneapolis Grain Exchange September spring wheat hit $4.73, the cheapest spot spring wheat price on a continuous chart since September 2009. Hard red winter wheat is grown in the southern US Plains and typically milled into flour for bread. Hard red spring wheat, grown in the northern Plains and traded in Minneapolis, is a top-quality grain used for pizza dough and bagels, and often blended with lesser grades of wheat to improve flour quality.
All three wheat markets sagged on prospects for plentiful global stockpiles. CBOT corn futures fell as forecasts indicated mild Midwest weather and few signs of frost that could hurt late-maturing crops. CBOT December corn was down 8-3/4 cents at $3.61 a bushel after setting a contract low at $3.61. November soyabeans were down 2-1/4 cents at $8.66-3/4 a bushel.
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