Wheat slips further on global supply pressure, Ukraine ceasefire talks

Chicago wheat futures extended losses on Tuesday, hovering near their lowest level since late October, as bumper harvests in Argentina and Australia and rising expectations of a ceasefire in Ukraine reinforced supply pressure. Corn futures also eased, weighed down by competition from wheat for livestock feed demand. Soybeans steadied after hitting seven-week lows on Monday due to concerns about U.S. export demand and expectations for a bumper harvest in Brazil. The most-active wheat contract on the Chicago Board of Trade (CBOT) ZW1! was down 0.6% at $5.17-1/2 a bushel at 1110 GMT, after touching its lowest since October 24 at $5.15-3/4. “Global wheat prices remain under pressure due to Southern Hemisphere harvests and rising production estimates,” said Commonwealth Bank analyst Dennis Voznesenski. The Rosario Grains Exchange last week raised its production estimate for Argentina to 27.7 million metric tons from 24.5 million tons, while Australia is on track for its third-biggest ...