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CBOT wheat drops 3 percent on light demand

wheatCHICAGO: Chicago Board of Trade wheat futures fell 3 percent to a six-month low on Wednesday as investors focused on the poor demand for US supplies, traders said.

 

* A firm US dollar, which makes US commodities more expensive on the world market, added pressure to wheat prices.

 

* Wheat futures jumped early in the session in tandem with US stock markets due to the fiscal cliff resolution but traders quickly locked in profits from that bump.

 

* The benchmark Chicago Board of Trade March soft red winter wheat contract bottomed at $7.52-1/2 a bushel during Wednesday's session, the lowest level for the front-month contract since July 2.

 

* Syria's state grains agency issued a new international tender to purchase and import 100,000 tonnes of soft milling wheat, European traders said.

 

Center>Copyright Reuters, 2013