SYDNEY: U.S. wheat prices were set to drop for a third straight session on Monday after hitting a six-day low, with ample global supply weighing on markets.
The most active wheat futures on the Chicago Board of Trade fell 0.5 percent to $4.45-3/4 a bushel, after earlier touching their lowest since Feb. 21 at $4.45-1/2 a bushel. Wheat closed down 1.2 percent on Friday.
The most active soybeans futures rose 0.22 percent to $10.26-1/2 a bushel, having firmed 1.3 percent on Friday. The most active corn futures were little changed at $3.63-3/4.
Weekly data from the U.S. Commodity Futures Trading Commission showed non-commercial traders in the week to Feb. 14 built their biggest net long since July in corn, and the second-biggest since July in soybeans.
Argentina will likely harvest a record 18.3 million tonnes of wheat from the 2016/17 crop, 11 to 11.5 million tonnes of which could be exported, Agriculture Minister Ricardo Buryaile said.
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