Chicago Board of Trade wheat futures declined for the third straight session on Thursday, pressured by ample supplies following US summer harvests and lower prices for the competing grain of corn, traders said. Prices appeared set to test the nearly decade-lows notched on July 20, with front-month CBOT September wheat falling as low as $4.08-1/4 per bushel, compared to their lifetime low of $4.06-1/2.
K.C. hard red winter wheat and MGEX spring wheat futures also eased but those contracts saw smaller declines than CBOT wheat. European milling futures jumped 1 percent after declining for most of this week. Losses in MGEX spring wheat were limited by expectations that an annual wheat crop tour in North Dakota later on Thursday would show yield potential lower than the record yields seen in three straight years.