U.S. Wheat Futures extend Losses on Demand Concerns

Investing.com – U.S. wheat futures extended losses from the previous session on Thursday, amid indications of weakening demand for U.S. supplies.

On the Chicago Mercantile Exchange, US wheat for March delivery shed 3.27 cents, or 0.62%, to trade at $5.2413 a bushel during U.S. morning hours.

A day earlier, US wheat for March delivery lost 7.0 cents, or 1.31%, to settle at $5.2760 a bushel after Egypt cancelled a tender to purchase U.S. wheat.

Egypt is the world’s biggest wheat importer.

Wheat has been under heavy selling pressure in recent weeks amid ample global supplies and indications of reduced demand for U.S. wheat.

Meanwhile, US soybeans for March delivery dipped 0.4 cents, or 0.05%, to trade at $9.9520 a bushel.

The March soybean contract touched $10.1220 on Wednesday, the strongest level since January 15, before turning lower to close at $9.9560, down 12.0 cents, or 1.19%.

Prices remained supported amid indications of robust demand for the oilseed.

The U.S. National Oilseed Processors Association said in a report earlier in the week that the U.S. soybean crush totaled 162.675 million bushels in January, the largest amount ever for the month.

Despite recent gains, prices of the oilseed remain vulnerable amid optimism over crop prospects in Brazil and Argentina.

Elsewhere on the Chicago Board of Trade, US corn for March delivery declined 0.78 cents, or 0.2%, to trade at $3.8363 a bushel. US corn for March delivery dropped 5.6 cents, or 1.48%, on Wednesday to end at $3.8360.

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

Source: Investing.com