Wheat extends losses as ample global supply continues to weigh

Chicago wheat futures fell for a fourth consecutive session on Wednesday after plunging to eight-week lows the previous day as ample supply and progress in peace talks between Russia and Ukraine triggered selling by speculative investors. Corn futures steadied after falling on Tuesday as cheaper wheat provided competition for corn in feed markets. A partial recovery in crude oil prices failed to lift soybeans, which had slipped to seven-week lows on Tuesday due to plentiful supply and lacklustre demand for U.S. exports. The most-active wheat contract on the Chicago Board of Trade was down 0.2% at $5.08-1/2 a bushel, as of 1220 GMT, after diving 2.2% and touching $5.07-1/2, its lowest level since October 23, on Tuesday. “The weather is too good in a lot of growing regions, and that is pushing up supply. Demand is not following to the same extent,” said Michael Whitehead, executive director for food, beverage and agribusiness insights at ANZ. “Nothing appears to be on the horizon ...