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U.S. wheat futures down for 6th straight day, trade at 11-week low

Published 01/28/2015, 06:20 AM
© Reuters. U.S. wheat slumps to 11-week low
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Investing.com - U.S. wheat futures fell for the sixth consecutive session on Wednesday to hit a fresh 11-week low amid ample global supplies and indications of reduced demand for U.S. wheat.

On the Chicago Mercantile Exchange, US wheat for March delivery hit a session low of $5.1513 a bushel, a level not seen since November 11, before trading at $5.1538 during U.S. morning hours, down 3.23 cents, or 0.62%.

A day earlier, US wheat for March delivery lost 1.4 cents, or 0.29%, to close at $5.1900 a bushel.

Wheat is down nearly 12.5% so far in 2015. Prices are almost 24% lower than a recent peak of $6.7687 hit on December 18, meeting the definition of a bear market.

Meanwhile, US soybeans for March delivery inched down 2.52 cents, or 0.26%, to trade at $9.7188 a bushel.

On Tuesday, the March soybean contract slumped 9.6 cents, or 0.99%, to end at $9.7360. Prices of the oilseed touched $9.6700 on Monday, the lowest level since October 23.

Soybean prices have been under pressure in recent weeks amid concerns over weakening demand from China and as optimism over crop prospects in Brazil and Argentina underlined worries over ample global supplies.

Elsewhere on the Chicago Board of Trade, US corn for March delivery shed 0.47 cents, or 0.12%, to trade at $3.8013 a bushel, after hitting a session low of $3.7913, the weakest level since January 15.

US corn for March delivery dropped 2.6 cents, or 0.72%, on Tuesday to settle at $3.8120.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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