Wheat heads for biggest weekly fall since June on ample supply

Chicago wheat futures fell on Friday and were headed for their biggest weekly drop since June, as abundant global supply drove prices towards their lowest since 2020. Soybean futures declined for a sixth day, reaching their lowest since October 24, as speculators reduced their net long position due to ample supply and questions over Chinese demand for U.S. beans. Corn dipped after two days of gains that were driven by strong U.S. exports. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.4% at $5.05-3/4 a bushel at 0604 GMT and on track to end the week 4.4% lower. CBOT soybeans Sv1 slipped 0.2% to $10.50-1/2 a bushel and were down 2.4% from last Friday’s close. Corn Cv1 declined 0.2% to $4.43-3/4 a bushel but was still set for a 0.7% weekly gain. Wheat crashed below its 50-day moving average on Monday and hit an eight-week low of $5.04 on Wednesday before steadying. Both CBOT wheat and soybeans have fallen around 10% from highs last month, while ...