Wheat drops 1% on supply pressure; corn, soybeans ease

Chicago wheat slid nearly 1% for the first time in three sessions on Tuesday, with ample supply from the Black Region and expectations of an above-average crop in Australia weighing on the market. Corn eased as record harvest in the United States is set to enter the world market while soybeans fell for a second session amid a lack of Chinese demand. “We have seen strong harvests in several exporting countries and the outlook for Australian crop is also promising,” said one grains trader in Singapore. “Prices in exporting countries are coming under pressure as there are no supply-side issues as of now.” The most-active wheat contract on the Chicago Board of Trade (CBOT) slid 1% to $5.29 a bushel, as of 0246 GMT. Corn lost 0.6% to $4.17-3/4 a bushel and soybeans fell 0.8% to $10.46-1/4 a bushel. Abundant production from Northern Hemisphere harvests and an improving outlook for crops in Southern Hemisphere exporters Argentina and Australia weighed on wheat prices. Australia’s wheat ...