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Wheat dips after climbing 1.5% on strong global demand U.S. forecasts strong demand for China’s wheat imports (Adds quote in paragraphs 3-4, details on China’s wheat demand)
SINGAPORE, March 10 (Reuters) - Chicago wheat futures slid on Wednesday, taking a breather from a strong run-up in the last session, although the U.S. Department of Agriculture’s (USDA) forecast for strong demand put a floor under the market.
Soybeans eased after four straight sessions of gains, while corn dipped for a second consecutive day.
“The USDA increased overall global demand for soybeans, corn and wheat,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
Port premiums for Brazilian soybeans have turned negative as rains disrupt harvesting and transportation of the oilseeds in key growing states such as Mato Grosso, analyst Luiz Roque from agribusiness consultancy Safras & Mercado said on Tuesday. In some parts of Brazil, trucks are waiting two days in line to unload the freshly reaped grains, .
Wheat ticks down after rally, strong demand forecast limits decline
Chicago wheat futures slid on Wednesday, taking a breather from a strong run-up in the last session, although the U.S. Department of Agriculture’s (USDA) forecast for strong demand put a floor under the market.
Soybeans eased after four straight sessions of gains, while corn dipped for a second consecutive day.
“The USDA increased overall global demand for soybeans, corn and wheat,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
“But the biggest surprise was that they increased China’s demand for wheat imports.”