(AgWeek) – U.S. wheat futures eased from a one-month top on Thursday on a mild round of profit taking, with plentiful global supplies allaying concerns about adverse crop weather in Australia and the Black Sea region, traders said.
Corn futures also edged lower, pressured by the expanding harvest of what is expected to be a huge crop in the U.S. Midwest.
Soybean futures were slightly higher, buoyed by some bargain buyers stepping into the market after prices eased to a 6-1/2-year low.
Wheat prices remained anchored by forecasts for a further build-up in global supply this season, which has stiffened competition between exporting countries such as the United States, Russia and France.
Chicago Board of Trade December wheat futures were down 4-1/2 cents at $5.03 a bushel at 10:35 a.m. CDT.
Dry weather affecting winter grain sowing in Ukraine and Russia and frost threatening wheat crops in Australia had pushed prices for the CBOT December contract to $5.09 a bushel, its highest since Aug. 25, during overnight trading.
