Wheat weak

Reuters

Paris/Singapore

Chicago wheat futures eased for a second straight session on Friday, as a weak export outlook marked by confusion over Egypt´s import policy reinforced the prospect of large global inventories this season.

U.S. corn and soybeans also edged lower for a second day as favourable crop weather in South America kept a lid on the market.

Losses were modest, however, as grain futures were trading near support levels on price charts, and investors were awaiting direction from weekly U.S. export sales data at 1330 GMT.

The Chicago Board of Trade´s most-active wheat contract was down 0.4 percent at $4.60-1/2 by 1212 GMT.

"Supply is the story in the wheat market," said Phin Ziebell, agribusiness economist at the National Australia Bank. "The USDA had boosted estimates for reserves earlier this month and the reality is that European stocks are very high."