Wheat futures on the Chicago Board of Trade fell Wednesday, joining a broad sell-off in commodities led by tumbling crude oil prices and macroeconomic worries, traders said. US oil prices crashed below $27 dollars a barrel for the first time since 2003, caught in a slump across world financial markets with traders also fearful that the crude supply glut could last longer.
K.C. hard red winter wheat and MGEX spring wheat futures also closed lower. European wheat futures set contract lows. CBOT wheat lost ground to corn on inter-market spreads. However, CBOT wheat closed above its session lows with the most-active March contract settling down 3 cents at $4.71-1/2 per bushel, after dipping as low as $4.67-1/4.