U.S. wheat futures trade near 4-month low amid ample supplies

Investing.com - U.S. wheat futures traded near the lowest levels in almost four months on Monday, as indications that global supplies are more than ample to meet demand drove down prices.

On the Chicago Mercantile Exchange, US wheat for March delivery traded at $5.0163 a bushel during U.S. morning hours, down 0.97 cents, or 0.19%, after hitting a session low of $4.9963.

On Friday, wheat fell to $4.9700, the lowest level since October 13, before settling at $5.0260, down 5.0 cents, or 0.98%.

The March wheat contract lost 26.0 cents, or 4.91%, last week, the sixth straight weekly decline.

Prices of the grain plunged 86.13 cents, or 14.69%, in January amid ample global supplies and indications of reduced demand for U.S. wheat.

Meanwhile, US corn for March delivery hit a session low of $3.6763 a bushel, before trading at $3.7063, up 1.23 cents, or 0.33%.

US corn for March delivery touched $3.6560 on Friday, the weakest level since November 20, before closing at $3.7000, down 1.4 cents, or 0.4%.

The March corn contract sank 16.0 cents, or 4.14%, last week. Corn plunged 24.76 cents, or 6.7%, in January as reduced demand for corn-based ethanol and ample supplies in the U.S. weighed.

Elsewhere on the Chicago Board of Trade, US soybeans for March delivery inched up 3.67 cents, or 0.38%, to trade at $9.6388 a bushel.

The March soybean contract hit $9.5500 on Friday, a level not seen since October 21, before ending at $9.6100, down 7.2 cents, or 0.75%.

The March soybean contract declined 10.75 cents, or 1.11%, last week, the third consecutive weekly loss.

Prices of the oilseed lost 5.99% in January amid concerns over weakening demand from China and as optimism over crop prospects in Brazil and Argentina underlined worries over ample global supplies.

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