CBOT wheat futures fell to the lowest in two and a half years, and the monthly line is set to usher in eight consecutive losses
May 31, according to foreign media reports, CBOT wheat futures fell to the lowest level in two and a half years on Wednesday, the market fell for the eighth consecutive month, due to improving U.S. crop conditions and concerns about global economic growth weighed on prices. U.S. buyers bought about 60,000 tonnes of EU-origin wheat last week, with about half expected to come from Poland and Germany, European traders said on Tuesday.
“The perception that Russia will remain export-competitive in global markets, coupled with continued good weather for U.S. crops, has put pressure on prices,” commodity research firm Hightower said in a report.
