US wheat futures slumped for a second session early on Friday, anchored by ample global supplies and after top importer Egypt cancelled a tender for the second time this week. Corn and soyabeans were also lower at the Chicago Board of Trade, with all three markets on pace for a weekly decline ahead of a US Department of Agriculture supply and demand forecast due on Tuesday.
Rains were forecast to last through the weekend in Argentina, limiting yield loss in corn and soyabean fields ahead of what were expected to be bumper crops. Egypt earlier cancelled a tender to buy wheat after receiving only four offers that were well above prices quoted in an Algerian deal this week, suggesting Cairo continues to suffer from the confusion over its import regulations.
CBOT March wheat was down 6-3/4 cents to $4.66 per bushel as of 11:50 a.m. CST (1750 GMT). The contract's losses of nearly 3 percent during the last two sessions would be the largest skid since December. European milling wheat slumped to a life-of-contract low of 156.00 euros. "It seems like the ongoing problems stemming from the Egyptian tenders have created a bearish undertone in the market," said Terry Reilly, analyst at Futures International.
CBOT March corn fell 2 cents to $3.66-1/2 per bushel and CBOT March soyabeans eased 6-1/4 cents to $8.68-1/4. Each contract was headed for a weekly drop of more than 1 percent. Rains overnight in western Argentina were seen as beneficial, but overall crop stress was limited to only 20 percent of the country's crops, the Commodity Weather Group said in a note to clients.
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