March-delivery wheat lost as much as 0.7 percent to $7.0725 a bushel on the Chicago Board of Trade, before trading at $7.10 at 2:58 p.m. Singapore time.
Wheat for export inspected as U.S. ports fell 21 percent to 15.32 million bushels in the week to Nov. 11, the U.S. Department of Agriculture said in a report yesterday. The condition of the U.S. winter-wheat crop improved last week, the agency said in a separate report.
“Negative for prices were the USDA’s weekly inspections,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia said today.
About 46 percent of winter wheat was rated good or excellent as of Nov. 14, up from 45 percent a week earlier and 64 percent a year earlier, the USDA said in a weekly report yesterday. An estimated 87 percent of the wheat had emerged, compared with 82 percent a week earlier and 85 percent on average in the previous five years, the USDA said.
Australia will have increased supplies of feed wheat this year for export as continuing rainfall turns more milling- quality grain into stockfeed, AWB Ltd., the country’s largest shipper, said in an e-mailed statement today.
“AWB is already making strong export sales of feed wheat, with steady inquiry appearing from customers in Asia and Pacific markets, where we have a significant freight advantage over just about every other origin,” the company’s General Manager Commodities Mitch Morison said.
Australia is the world’s fourth-largest wheat exporter, according to the USDA. The three biggest are the U.S., the European Union and Canada.
March-delivery corn lost 0.6 percent to $5.6575 a bushel in Chicago, while January-delivery soybeans slipped 1.4 percent to $12.685 a bushel.
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