Wheat slips to 8-week low as big Southern Hemisphere harvests boost supply

Chicago wheat futures tumbled for a second day on Tuesday, falling to their lowest in eight weeks, as large crops in Argentina and Australia kept the market flush with supply. Corn futures also slipped, pressured by competition from cheap feed wheat that could reduce corn demand. Soybeans rose slightly after hitting seven-week lows on Monday due to concerns about the strength of U.S. export demand and expectations for a bumper harvest in Brazil. “Global wheat prices remain under pressure due to Southern Hemisphere harvests and rising production estimates,” said Commonwealth Bank analyst Dennis Voznesenski, adding that bumper Argentinian production was pushing down Australian pricing. 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 harvest. Their crops round out a year of large harvests across major producing nations. The U.S. Department of ...