Wheat falls on thin trading and ample supply outlook
Wheat prices declined to their lowest level in nearly a week as traders assessed prospects for warmer and drier weather across key US wheat-growing regions following a recent cold snap, improving expectations for supply.
Muted trading activity also weighed on the market. Chicago exchanges had just reopened after a long weekend, while much of Asia remains closed due to the Lunar New Year holiday. Broader grain and oilseed markets also moved slightly lower.
The most-active Chicago wheat futures contract for May delivery fell by as much as 1.4% to $5.4075 per bushel. Corn and soybean prices also edged down.
According to the US Climate Prediction Center, much of the Plains and southern United States is expected to see drier and warmer conditions. Temperatures in parts of Texas and Oklahoma are forecast to rise above average next week, reinforcing bearish signals already driven by a global wheat surplus.
In addition, with many Asian markets closed for several more days, “American exporters are now waiting for tangible purchase actions to confirm the prospect of a new stream of business,” Argus analysts said in a note.
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