CHICAGO: US wheat futures fell nearly 4% on Wednesday and European wheat fell 3% as a bumper Australian harvest and signs of continued competition from Black Sea supplies added to technical pressure, traders and analysts said.

Corn followed wheat lower while soybean futures ended modestly higher after monthly industry data showed a smaller-than-expected US soybean crush and surprise drawdown in soyoil stocks.

Chicago Board of Trade March wheat settled down 31 cents at $7.56 per bushel after dipping to $7.51, its lowest price since Oct. 21. Technical selling accelerated as the contract fell below its 100-day moving average around $7.62-1/2.

CBOT March corn ended down 4-1/2 cents at $5.85-3/4 a bushel while January soybeans finished up 3 cents at $12.62-1/2 a bushel.

Wheat futures have retreated since multi-year highs set last month as worries over the Omicron coronavirus variant and easing concerns about global wheat supply have encouraged selling.

“Wheat prices are losing ground mainly on technical considerations for the moment,” consultancy Agritel said in a note.

Meanwhile, a drier spell in Australia tempered fears of rain damage to what is forecast to be a record harvest.

“There was talk the Australian wheat quality was not as bad as expected and looking forward, harvest weather looks good,” said Terry Reilly, senior analyst with Futures International in Chicago.