BEIJING: Chicago wheat futures fell on Wednesday, dragged down by expectations of large incoming crop supplies, with corn also off gains in the previous sessions, although soybeans were marginally higher.
The most active wheat contract on the Chicago Board of Trade was down 0.4% to $7.84 a bushel at 0320 GMT, and the most-active corn contract was also down 0.1% at $5.90 a bushel.
Soybeans edged up 0.04% to $12.60 a bushel, after gaining over 1% on Tuesday tracking strong soymeal futures.
Despite expectations of larger supplies from places such as Australia, broader market issues could lift grain prices in the next six months, said Phin Ziebell, agribusiness economist at National Australia Bank.
"You have high fertiliser prices and a lot of issues with the global supply chain which is not being resolved," he said.
"So there will be tightness in the market, you'll see a lot of jumpiness in response to events."
Algeria's state grains agency OAIC has started purchasing optional-origin milling wheat in an international tender, European traders said in initial assessments on Tuesday.
An importer group in the Philippines is also tendering to purchase up to 220,000 tonnes of animal feed wheat, European traders said.
Commodity funds were net buyers of Chicago Board of Trade soybean, soymeal ad corn futures contracts on Tuesday and net sellers of soyoil and wheat futures, traders said.
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