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Friday March 29, 2024

Wheat falls

Reuters

By our correspondents
January 31, 2015
US wheat held steady on Friday after rising in the previous session, but the market is poised for its biggest monthly drop in more than three years because of ample world supplies.
Corn eased for a fifth straight day and the market was on track for a loss of almost 7 percent in January as weakness in energy markets reduced demand for grain-based biofuel ethanol.
Chicago Board Of Trade front-month wheat has given up nearly 14 percent in January, the biggest loss since September 2011, and soybeans have fallen almost 5 percent, the biggest fall since September 2014.
On Thursday, wheat drew some support from a US Department of Agriculture report that US export sales in the week ended January 22 reached 544,400 tonnes, more than expected and the highest total in four months.
The USDA said weekly export sales of U.S. hard red winter wheat totalled 192,400 tonnes, the largest share of the total.