SINGAPORE: Chicago wheat futures slid on Wednesday, giving up gains from the previous session, pressured by ample supplies from freshly harvested crops in the southern hemisphere.

Soybeans edged higher, although expectations of large output in Brazil limited the upside in prices. Corn also firmed.

“For now there are ample wheat supplies in the market which are keeping a lid on prices,” said one trader in Singapore. The most-active wheat contract on the Chicago Board of Trade (CBOT) slid 0.6% to $5.54-3/4 a bushel, as of 0412 GMT.

Soybeans added 0.5% to $9.88 a bushel and corn climbed 0.1% to $4.28-1/2 a bushel.

Expectations of bumper output from ongoing harvest in Australia continued to provide headwinds to prices.

US winter wheat crop conditions improved for a fourth straight week following timely rainfall across the Plains this month, according to a US Department of Agriculture report on Monday.

Ukraine’s weather in November was generally favourable for the development of winter grain crops, although some of the seedlings are still underdeveloped due to the long drought earlier in the year, analyst APK-Inform quoted state weather forecasters as saying on Tuesday.

EU 2024/25 soft wheat exports down

In the European Union, soft wheat exports since the start of the 2024-25 season in July reached 9.15 million metric tons by Nov. 24, down 30% from 13.08 million tons a year earlier, data published by the European Commission showed on Tuesday.

Exporters have shipped soybeans from the busiest US grains port at the fastest rate in nearly four years after rain raised water levels in the Mississippi River, according to government data.

Some 60% of US soy exports left the Gulf Coast terminals, which draw supplies from barges travelling south on the Mississippi, the country’s most important grain waterway.

Commodity funds net bought CBOT soyoil and wheat futures contracts on Tuesday, traders said. The funds net sold corn, soymeal and soybean futures contracts.