Chicago
US wheat futures sank to multiyear lows on Thursday, weighed down by ample supplies and weak demand for US exports, traders said. A hefty supply base also sparked a sell-off in corn, which hit its lowest level since mid-June, while soybeans sagged on technical selling and rising harvest expectations.
The Chicago Board of Trade reported heavy deliveries against expiring wheat and corn contracts on Wednesday evening, reflecting the easy availability of supplies on the cash market.
K.C. hard red winter wheat fell to its lowest price since April 4, 2007, during Thursday's trading session while CBOT soft red winter wheat hits its lowest level since June 30, 2010.
Export demand has picked up as prices have fallen but US supplies remain uncompetitive on the global market.
Egypt's government buyer is holding an import tender on Thursday and traders are waiting to see if Black Sea origins continue their clean sweep of sales this season. There was no US wheat offered for sale in the deal.