Wheat edged lower on technical selling but fund short-covering and unconfirmed rumours of China buying US soft wheat underpinned prices. At the Chicago Board of Trade as of 10:05 am CDT (1505 GMT), corn was up 1 cent at $6.31 per bushel, a day after falling to $6.27, the lowest spot corn price since late June. The contract was on track for a weekly loss of more than 9 percent, the biggest weekly drop on a continuous chart since June 2011. CBOT May wheat was down 3-3/4 cents at $6.90-1/4.
Soyabean and soyameal futures fell on worries that bird flu might spread in China and reduce feed demand in the world’s top soya importer. CBOT May soyabeans were down 11-1/2 cents at $13.60-1/2 a bushel, after falling to $13.57-1/4, the lowest spot soyabean price since June 6. Spot soyameal futures also hit a 10-month low. For the week, CBOT soyabeans are down 3 percent, a second consecutive week of decline, while wheat has managed to gain 0.5 percent. Traders were watching to see whether the corn market had reached a bottom after dropping more than $1 a bushel, nearly 15 percent, since the US Department of Agriculture in a quarterly report last week showed larger-than-expected US stockpiles.