SYDNEY: US wheat edged towards its lowest in nearly three weeks on Thursday, falling for a fourth consecutive session on ample global supply.
Corn prices were little changed, while soybeans were flat, lingering near a one-month low.
The most active wheat futures on the Chicago Board of Trade dropped 0.31 percent to $3.98-1/4 a bushel - the lowest since Dec. 2. Wheat closed down 0.93 percent on Wednesday.
"There is ample global supply of wheat, while the concerns over the cold weather impact on yields in the United States were probably overdone," said Phin Ziebell, agribusiness economist, National Australia Bank.
Despite edging lower, US wheat remains uncompetitive in key markets, underscored by the result of Egypt's latest tender.
Egypt, the world's biggest wheat importer, on Tuesday said it had bought 360,000 tonnes of wheat from Russia, Argentina and Romania in a tender, and none from the United States.
The most active corn futures were unchanged at $3.47-1/4 a bushel, having closed down 0.86 percent in the previous session.
The most active soybean futures futures eased 0.1 percent to $10.05-3/4 a bushel, having closed up 0.15 percent on Wednesday.
Soybeans were under pressure as rain was forecast for Argentina's dry crop belts, boosting South American production prospects.
The US Department of Agriculture said exporters had struck deals to sell 132,000 tonnes of US soybeans to China, the world's top soybean importer.
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