Wheat, corn hit two-week lows

US wheat and corn futures fell to two-week lows on Wednesday as concerns about weakening demand plagued commodity markets.

Investor concerns about the economic outlook, including the impact of a surge in Covid-19 cases in China, have fueled a sell-off in commodities, analysts said.

Wheat futures faced additional pressure from the availability of cheap supplies from the Black Sea region on the global market, traders said.

The most traded wheat futures contract was down 29 cents at $7.46 a bushel on the Chicago Grain Exchange. The contract previously touched its lowest price since December 19 at $7.44.

Traders also focused on a severe drought in Argentina, the world’s largest exporter of soybean oil and meal, which has drawn attention to favorable crop prospects in Brazil.

Soybean futures were down 8 cents at $14.84 a bushel.

Finally, the most active corn futures contract fell 16 cents to $6.54 a bushel and hit its lowest price since December 21 at $6.52 a bushel. The contract hit an eight-week high of $6.85 a bushel last week.

Brazilian corn exports reached a record 43.17 million tons last year, more than double the 20.6 million shipped in 2021, data from the National Association of Grain Exporters (Anec) showed on Wednesday.

The performance came on the back of an increase in the volume produced in the 2021/22 second crop, after drought and frost affected crops from the previous season.