US wheat eases back in Asia after US surge

Friday, 7 January 2011 00:39 - - {{hitsCtrl.values.hits}}

Sydney (Reuters): US wheat futures eased back in Asian trade on Thursday after surging more than two per cent in US trade on concerns over global supplies of high-protein wheat. Chicago Board of Trade wheat for March delivery Wc1 fell 0.43 per cent to $8.04-3/4 per bushel while Kansas wheat for March delivery dipped 0.3 per cent to $8.70-1/4.

Corn for March delivery Cc1 eased 0.20 per cent to $6.18 per bushel as light showers this week benefited the pollinating corn crop in Argentina. Soybeans for March delivery Sc2, the most actively traded contract, were almost unchanged at $13.94-1/4 as a bout of fund buying came to an end. Funds waded into beans because of expected tight supplies and continuing strong demand from China.