US wheat futures fell to their lowest in more than two months on Monday, pressured by sluggish demand on the export front, traders said.
Soyabean futures were higher, supported by gains in the crude oil market as well as strong demand from China. Recent sales to China also lent support to corn futures but the downturn in wheat capped the gains.
The most-active Chicago Board of Trade soft red winter wheat contract was on track for its sixth decline in the last seven sessions. The contract has shed 5% of its value during that stretch. Ukraine's weekly wheat exports jumped 42% to 413,000 tonnes in the week ended May 15 and total export volumes were close to the government-imposed quota for the current season, preliminary data from the APK-Inform consultancy showed on Monday.
At 10:11 a.m. CDT (1511 GMT), Chicago Board of Trade July soft red winter wheat futures were down 3-3/4 cents at $4.96-1/2 a bushel. On a continuous basis, the most-active contract hit its lowest since March 16.
A US Agriculture Department report showed wheat export inspections of 440,822 tonnes in the week ended, in line with forecasts for 300,000 tonnes to 600,000 tonnes. CBOT July corn futures were up 1-1/2 cent at $3.20-3/4 a bushel and CBOT July soyabeans were 8-1/2 cents higher at $8.47 a bushel.
China has asked trading firms and food processors to boost inventories of grains and oilseeds as a possible second wave of coronavirus cases and worsening infection rates elsewhere raise concerns about global supply lines.
Weekly soyabean export inspections were 352,189 tonnes and corn export inspections were 1.151 million tonnes, USDA said.
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