US wheat futures fell 2 percent and hit a six-month low on Wednesday in light technical trading, pressured by a lack of export demand, traders said. Corn and soybeans also sagged in holiday-thinned volume. Grain markets remained closed in Europe. At the Chicago Board of Trade as of 1:30 p.m. CST (1930 GMT), March wheat was down 18-1/2 cents, or 2.3 percent, at $7.75-1/4 per bushel after dipping to $7.74-1/4, its lowest level since June 29.
CBOT March corn fell 11-1/4 cents, or 1.6 percent, to $6.93 a bushel and most-active March soybeans were down 18 cents, 1.3 percent, at $14.17-3/4 a bushel. In wheat, early selling accelerated as the March contract dropped below last week's low of $7.82-1/2. US soft red winter wheat, the type traded at the CBOT, has become the cheapest milling wheat in the world, but the absence of confirmed, significant export sales has kept a lid on futures prices.
The US Department of Agriculture reported the amount of wheat inspected for export in the latest week at 15.128 million bushels, within a range of trade estimates for 12 million to 17 million. USDA showed corn export inspections at 13.475 million bushels, within the range of estimates for 9 million to 14 million.
Corn and soybeans sagged in sympathy with the declines in wheat. The March corn contract remained above last week's low of $6.87-1/2, the lowest front-month corn price since early July. New-crop December 2013 corn fell below psychological support at $6 for the first time since July 11, dipping to $5.98-1/2. US farmers watch the December 2013 corn contract to gauge prices for the next harvest as they consider what to plant this spring.