Chicago wheat near two-month low

On Wednesday, Dec. 2, Chicago wheat futures slid for a third day, trading near the previous session’s lowest in nearly two months on lack of demand for U.S. cargoes and an improving global supply situation, according to a Reuters report.

The most-active Chicago Board of Trade wheat contract lost 0.1% to $5.76-3/4 a bushel, after dropping in the previous session to its lowest since Oct. 5 at $5.74 a bushel.

Corn and soybeans also dropped to their lowest levels in two weeks. Corn gave up 0.5% to $4.18-1/2 a bushel, and soybeans fell 0.3% to $11.58 a bushel. Earlier in the session, both markets hit their lowest since Nov. 17. Both are facing pressure on fund-driven liquidation and improving crop weather in Brazil and Argentina.

The U.S. Department of Agriculture rated 46% of U.S. winter wheat in “good-to-excellent” condition late Monday, up from 43% a week earlier, bucking trade expectations for no change. Even yet, ratings were down from a year earlier, reflecting drought in much of the U.S. Plains breadbasket as the crop enters winter dormancy.

Asian markets were set to climb on Wednesday after Wall Street indexes closed at record highs as investors grow increasingly hopeful about a vaccine to combat rising COVID-19 cases and an economic recovery.