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Chicago wheat falls for 8th session on U.S. weather
forecast
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Corn prices hit lowest since July, soybean futures firm
(Updates prices)
By Naveen Thukral
SINGAPORE, April 28 (Reuters) - Chicago wheat futures
slid on Friday and were set for their biggest monthly drop since
last November, as forecasts of rains in U.S. Plains and
expectations of ample world supplies weighed on the market.
Corn hit its lowest in nine months while soybeans ticked
lower.
The most-active wheat contract on the Chicago Board of Trade
(CBOT) was down 0.4% at $6.26-3/4 a bushel, as of 0330
GMT, corn dropped 0.3% at $5.79-3/4 a bushel and soybeans added 0.5% to $14.10-1/2 a bushel.
Wheat has lost 9.3% in April, the market's biggest monthly
drop since November, corn hit its lowest since July at $5.78 a
bushel and soybeans are down 6.3% this month, the biggest
monthly decline since June.
Forecasts of rains in drought-hit U.S. Plains are boosting
expectations of plentiful supplies and adding pressure on
Chicago wheat prices.
The corn market is facing pressure after the U.S. Department
of Agriculture said private exporters cancelled sales of 233,000
tonnes of U.S. old-crop corn to China, underscoring concerns
that a large Brazilian crop was diverting demand from the United
States.
Net sales of U.S. corn for shipment in the current and
upcoming marketing years fell to a 15-week low of 400,000 tonnes
in the week ended April 20, USDA data showed.
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
