Reuters
New York
U.S. wheat futures sank to multi-year lows on Friday, pressured by an ample global stockpile that was expected to grow even larger due to a bountiful harvest, traders said.
Corn and soybean futures also weakened, with soybeans settling back from a rally on Thursday that pushed prices to a two-week high.
The U.S. Agriculture Department's acreage report from Thursday, which showed a surprise bump in corn and spring wheat acreage, continued to cast a shadow over the grains market. "The market is back to trading fundamentals," said Greg Grow, director of agribusiness at Archer Financial Services. "The acreage increase in corn was unexpected, the acreage increase in spring wheat was unexpected. The world is well supplied in feed grains right now."
The front-month Chicago Board of Trade soft red winter wheat contract shed 3.5 percent to a nine-year low while K.C. hard red winter wheat touched a fresh 10-year low.