Sumary of Wheat eases after strong rally, supply worries cap losses:
- Article content SINGAPORE — Chicago wheat futures ticked lower on Wednesday, easing from a near one-week high touched in the previous session, although global supply concerns amid strong demand limited the losses.
- “Wheat futures are down but tightness in supplies is supportive in the physical market,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
- The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.4% to $6.97-3/4 a bushel by 0210 GMT, having closed 2% higher on Tuesday when prices hit a Sept.
- Article content Soybeans were up 0.3% at $12.86-3/4 a bushel and corn added 0.7% to $5.23-3/4 a bushel.
- France cut its estimate of soft wheat production in the European Union’s biggest grain grower by more than 600,000 tonnes to 36.06 million tonnes, citing wet summer weather.