SYDNEY: U.S. wheat fell more than 1 percent on Thursday to hit a three-week low, weighed down by ample global supplies despite lingering fears for high quality crops.
Corn edged lower, falling despite ongoing fears of further crop damage from unfavourable weather, while soybeans fell for the first time in three sessions. The most active wheat futures on the Chicago Board Of Trade were down 1.2 percent at $4.96-3/4 a bushel by 0326, near the session low of $4.95 a bushel - the lowest since June 29. Wheat closed
down 0.1 percent on Wednesday.
"The USDA report last week has reminded everyone that there is a lot of wheat in the world," said Angus Thornton, commodity analyst, Profarmer.
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