SINGAPORE: Chicago wheat futures were little changed on Wednesday, trading near last session's lowest in almost two weeks as a lack of demand for US supplies added pressure on the market.
Soybeans lost more ground, weighed down by a lack of Chinese buying amid the trade dispute between the United States and China.
The most-active wheat contract on the Chicago Board Of Trade was at $5.13-1/4 a bushel by 0245 GMT, unchanged from the previous close, after falling 1 percent on Tuesday when prices dropped to a low of $5.10-3/4, the lowest since Jan. 17.
Soybeans fell 0.1 percent at $9.18-1/2 a bushel, having closed down 0.5 percent on Tuesday and corn was up 0.1 percent at $3.77-1/2 a bushel, having dropped 0.7 percent in the previous session.
Top global importer Egypt bought 360,000 tonnes of wheat in an international tender, including its first purchase of French wheat since 2017.
Two cargoes of US wheat were offered, including one at the lowest price in the tender when freight costs were excluded.
"Egypt's wheat tender was the trigger for the fall," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
"US wheat offered in the tender missed out solely because of its extra freight costs to Egypt. Following that line of reasoning, US prices would need to fall another 4 to 5 percent."
Soybean prices were slightly lower on concerns about the results of US-China trade talks this week.
US Treasury Secretary Steven Mnuchin said the United States expects to make significant progress in the talks with Chinese Vice Premier Liu He, who will later see President Donald Trump.
The market is concerned that the talks could be threatened by the United States announcing criminal charges against Chinese telecommunication company Huawei.
Still, weather damage to South American soybean crops could start pushing more soybean export business to the United States and US export shipments could benefit from March, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Commodity funds were net sellers of CBOT corn, wheat, soybean, soyoil and soymeal futures contracts on Tuesday, traders said.
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