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Wheat slips on snowy Plains outlook

03/04/2013 @ 3:03pm

U.S. wheat futures slid to a fresh eight-month closing low Monday on wet weather set to benefit crops and on negative investor sentiment.

Chicago Board of Trade March wheat futures settled down 17 1/4 cents, or 2.4%, at $6.96 a bushel, the lowest settlement for the front-month contract since June 22.

The National Weather Service forecasts up to seven-tenths of an inch of precipitation on the Kansas-Nebraska border from Monday to Saturday. Substantial precipitation is also predicted to fall from Iowa to Ohio.

The prospect of precipitation boosting the eventual size of the U.S. wheat harvest pressured futures. Wheat also fell on souring attitudes among traders, a reversal from the thinking last week that prices had bottomed out.

Soybean futures jumped on recent strong export demand and expectations for a U.S. Department of Agriculture crop report on Friday to reduce forecasts for supplies.

Corn futures were lower, as the wet weather forecast for the Midwest improved expectations for soil conditions during spring planting.

March soybean futures settled up 25 3/4 cents, or 1.8%, at $14.90 1/4 a bushel. March corn futures fell 1 1/4 cents, or 0.2%, to $7.23 a bushel.

Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
March 04, 2013 15:19 ET (20:19 GMT)
DJ US Wheat Settles Lower on Storms, Negative Sentiment->copyright

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