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U.S. wheat futures hit 3-week low amid weak export demand

Published 02/23/2015, 07:06 AM
© Reuters. U.S. wheat futures fall to 3-week low on demand concerns
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Investing.com - U.S. wheat futures fell to the lowest level in almost three weeks on Monday, amid ongoing indications of slowing demand for U.S. supplies.

On the Chicago Mercantile Exchange, US wheat for May delivery touched a daily low of $5.0613 a bushel, a level not seen since February 3, before recovering to trade at $5.0738 during U.S. morning hours, up 1.18 cents, or 0.23%.

On Friday, US wheat for May delivery sank 12.4 cents, or 2.41%, to settle at $5.0700 a bushel. Wheat lost 24.55 cents, or 4.38%, last week.

Prices of the grain have been under heavy selling pressure in recent weeks amid ample global supplies and indications of reduced demand for U.S. wheat.

Meanwhile, US corn for May delivery declined 0.88 cents, or 0.22%, to trade at $3.9213 a bushel. US corn for March delivery dropped 4.6 cents, or 1.19%, on Friday to end at $3.9300 as losses in wheat weighed on prices.

Wheat and corn prices are linked because both can be used as animal feed.

Elsewhere on the Chicago Board of Trade, US soybeans for May delivery inched up 3.4 cents, or 0.34%, to trade at $10.0600 a bushel.

The May soybean contract fell 9.0 cents, or 0.89%, on Friday to close at $10.0220.

Prices of the oilseed remain vulnerable amid optimism over crop prospects in Brazil and Argentina.

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

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