CANBERRA: Chicago wheat futures found their footing on Thursday but remained near eight-week lows after China cancelled purchases from the US and as large harvests in Argentina and Australia poured new grain into a well-supplied market.
Soybean futures were flat after falling on Wednesday when the US Department of Agriculture (USDA) confirmed sales to China and “unknown destinations,” and oil prices recovered some ground, supporting biofuel feedstocks.
Corn rose for a second day due to strong US export demand, though pressure from low wheat prices limited gains. Wheat competes with corn in the animal feed market. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.1 percent at USD5.06-3/4 a bushel at 0619 GMT, after falling to USD5.04 on Wednesday, its lowest since October 23.
CBOT soybeans were unchanged at USD10.58-1/4 a bushel, having slipped to a seven-week low of USD10.53-1/2 in the previous session. Corn was up 0.3 percent at USD4.41-3/4 a bushel, heading back towards a six-month high of USD4.52-1/4 reached on December 2.
Wheat and soybean prices have slumped about 10percent from highs last month amid abundant supply.
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