Sept. 9 (Bloomberg) -- Wheat futures fell for the eighth session in nine as cheaper supplies from Russia, Romania and France reduce demand for grain from the U.S., the world’s largest exporter. Corn and soybeans also slid.
Egypt, the world’s largest wheat buyer, purchased 60,000 metric tons at $251 a ton from Romania at a tender on Sept. 6, the government buying agency reported. Egypt’s General Authority for Supply Commodities also received offers of $242 to $260 a ton from Russia, Ukraine and France, according to two traders involved in the sale. Sales were about $25 a ton below current U.S. export prices, according to Shawn McCambridge, the senior grain analyst at Jefferies Bache LLC.
“World-wheat tenders are getting filled with non-U.S. wheat supplies and that will continue to weigh on the market,” Chicago-based McCambridge said in a telephone interview. “U.S. wheat is not competitive.”
Wheat futures for delivery in December declined 1 percent to close at $6.4125 a bushel at 1:15 p.m. on the Chicago Board of Trade. The grain has fallen 18 percent this year and touched a 13-month low at $6.355 on Aug. 14.
Corn fell on speculation that warm, dry weather is accelerating late-season plant growth in the U.S. and allowing more farmers to start harvesting.
Corn futures for delivery in December retreated 1 percent to $4.635 a bushel in Chicago. Prices touched a three-week low of $4.57 on Sept. 5
Soybean futures for delivery in November slumped 0.8 percent to $13.565 a bushel on the CBOT, the first drop in three sessions. Prices rose last week, the fifth straight gain and the longest rally since May.
Corn is the biggest U.S. crop, followed by soybeans, hay and wheat.
--Editors: Steve Stroth, Thomas Galatola