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U.S. grain futures sink to multi-month lows on ample supplies

Published 01/29/2015, 06:21 AM
Updated 01/29/2015, 06:21 AM
U.S. corn trades near 3-month low

Investing.com - U.S. grain futures traded near their lowest levels in almost three months on Thursday, as indications that global supplies are more than ample to meet demand drove down prices.

On the Chicago Mercantile Exchange, US corn for March delivery hit a session low of $3.7038 a bushel, a level not seen since November 20, before trading at $3.7063 during U.S. morning hours, down 2.58 cents, or 0.69%.

A day earlier, US corn for March delivery tumbled 8.0 cents, or 2.1%, to settle at $3.7320.

Corn prices have lost nearly 5% so far in January as reduced demand for corn-based ethanol and ample supplies in the U.S. weighed.

Meanwhile, US wheat for March delivery traded at $5.0238 a bushel, down 2.83 cents, or 0.56%. Earlier in the day, prices touched $5.0100, the lowest level since October 14.

On Wednesday, US wheat for March delivery sank 13.6 cents, or 2.65%, to close at $5.0520 a bushel.

Wheat is down nearly 12.5% so far in 2015 amid ample global supplies and indications of reduced demand for U.S. wheat.

Prices are almost 24% lower than a recent peak of $6.7687 hit on December 18, meeting the definition of a bear market.

Elsewhere on the Chicago Board of Trade, US soybeans for March delivery inched down 0.07 cents, or 0.01%, to trade at $9.7013 a bushel.

The March soybean contract hit $9.6620 on Wednesday, the weakest level since October 23, before closing at $9.7020, down 3.4 cents, or 0.36%.

Soybean prices have been under pressure in recent weeks amid concerns over weakening demand from China and as optimism over crop prospects in Brazil and Argentina underlined worries over ample global supplies.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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