Wheat finds footing after ample supply triggers fund selloff

Corn futures steadied after falling on Tuesday as cheaper wheat provided competition for corn in feed markets. A partial recovery in crude oil prices lifted soybeans after they 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 (CBOT) was up 0.1% at $5.10 a bushel, as of 0553 GMT, after diving 2.2% and touching $5.07-1/2, its lowest 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 that would change the dynamic,” he said, adding that recent price drops have rarely reached $5 a bushel and this may be a level at which market participants sense a bargain and begin to buy. Southern Hemisphere producers are pouring wheat into an already ...