Investing.com - U.S. wheat futures fell for the sixth consecutive session on Tuesday to hit an 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 $5.1763 a bushel, a level not seen since November 11, before trading at $5.1988 during U.S. morning hours, down 0.12 cents, or 0.02%.
A day earlier, US wheat for March delivery lost 9.4 cents, or 1.79%, to close at $5.2040 a bushel.
Wheat is down nearly 12% so far in 2015. Prices are almost 23% 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 up 0.9 cents, or 0.09%, to trade at $9.8350 a bushel.
On Monday, the March soybean contract slumped to $9.6700, the lowest level since October 23, before recovering to end at $9.8340, up 10.6 cents, or 1.11%.
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 tacked on 0.42 cents, or 0.11%, to trade at $3.8363 a bushel.
US corn for March delivery shed 2.6 cents, or 0.71%, to settle at $3.8400 on Monday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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U.S. wheat futures slump to 11-week low amid demand concerns
Published 01/27/2015, 06:23 AM
U.S. wheat futures slump to 11-week low amid demand concerns
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