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Wheat Extends Drop as Demand Slows; Soy Falls; Corn Gains

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Aug. 29 (Bloomberg) -- Wheat futures fell for a third straight day on signs of slack demand for inventories from the U.S., the world’s largest exporter. Soybeans dropped, while corn gained.

Exporters sold 551,300 metric tons of wheat in the week that ended on Aug. 22, down 4 percent from the prior four-week average, the U.S. Department of Agriculture said in a report today. Egypt, the world’s largest importer last year, said yesterday that it bought 295,000 tons from Russia, Ukraine and Romania, shunning supplies from the U.S.

“We haven’t really been getting any of those big sales,” Larry Glenn, an analyst at Frontier Ag in Quinter, Kansas, said by telephone. “I see a slowdown in export demand for the moment. It seems like there’s a lot of wheat out there.”

Wheat futures for December delivery slid 0.8 percent to settle at $6.5425 a bushel at 1:15 p.m. on the Chicago Board of Trade. Prices are down 1.9 percent since Aug. 26 and 16 percent this year.

Soybean futures for November delivery fell 0.3 percent to $13.685 a bushel in Chicago. Prices are up 13 percent in August, heading for the biggest monthly gain since July 2012, as hot, dry weather threatens crops that were planted late due to untimely rain earlier this year.

Corn futures for December delivery rose 0.2 percent to $4.815 a bushel in Chicago, after fluctuating between gains and losses. Prices have tumbled 41 percent from a year ago on expectations for a record U.S. harvest.

Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, government data show.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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