Wheat holds near 8-week lows after China cancels purchases from US

Chicago wheat futures found their footing on Thursday but remained near eight-week lows after China cancelled purchases from the U.S. Soybean futures were flat after falling on Wednesday when the U.S. Corn rose for a second day due to strong U.S. Wheat competes with corn in the animal feed market. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.1% at $5.06-3/4 a bushel at 0619 GMT, after falling to $5.04 on Wednesday, its lowest since October 23. CBOT soybeans were unchanged at $10.58-1/4 a bushel, having slipped to a seven-week low of $10.53-1/2 in the previous session. Corn was up 0.3% at $4.41-3/4 a bushel, heading back towards a six-month high of $4.52-1/4 reached on December 2. Wheat and soybean prices have slumped about 10% from highs last month amid abundant supply. Soybeans also face lacklustre U.S. export demand and competition from cheaper Brazilian beans. white wheat to China. The reason for the cancellation was not known, but traders said ...