Wheat falls for abundant global supplies; low to minimum corn

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File photo A combine in a wheat field in Oklahoma, USA. June 12, 2019. REUTERS / Nick Oxford.

CHICAGO (Reuters) – Winter red soft wheat futures on the Chicago Stock Exchange fell to a minimum of three months on Tuesday, while durum wheat futures sank to their lowest levels in a decade, pressured by the abundant supply global and strong export competition, analysts said.

* Corn futures fell to contract lows because the mild climate for crops strengthened crop prospects in the United States, while soybean futures followed the weakest trend.

* The WZ9 winter red soft wheat benchmark dropped 9 cents to $ 4,535 per bushel.

* The next delivery KWc1 winter red durum fell to $ 3,6175 per bushel, the lowest spot price on a continuous chart since December 2005. Spring wheat for September in Minneapolis MWEc1 reached $ 4,665 per bushel, the cheapest spot price for the contract on a continuous chart since September 2009.

* The three wheat markets sank before prospects of abundant world reserves.

* Corn futures fell due to temperate weather forecasts in the central United States and few signs of frost that could damage late-ripening crops.

* Corn for December CZ9 fell 8.75 cents to $ 3.61 per bushel. Soybeans for November SX9 gave 0.5 cents to $ 8,685 per bushel.

* Concern about the trade dispute between the United States and China, the world's leading buyer of soybeans, also affected the market, as new tariffs on Chinese products entered into force over the weekend.

Additional report by Michael Hogan in Hamburg and Colin Packham in Sydney .; Edited in Spanish by Janisse Huambachano

Our Standards:The Thomson Reuters principles



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