Investing.com - Investing.com - U.S. grain futures were broadly lower during European morning hours on Thursday, with wheat and corn prices falling to the lowest levels since July as a bout of technical selling after prices broke below key support levels.
Soybean prices fell to a four-week low, as traders continued to monitor weather conditions in Brazil.
On the Chicago Mercantile Exchange, wheat for March delivery traded at USD7.9388 a bushel, down 1.45% on the day. The March contract fell by as much as 1.6% earlier in the session to hit a daily low of USD7.9312 a bushel, the weakest level since July 6.
Wheat prices were lower for the fourth consecutive day, coming under pressure from some chart-based selling after prices broke below key support levels, triggering fresh sell orders amid bearish chart signals.
Wheat prices have lost nearly 7.5% since December 10, as market players sold the grain in response to December's bearish USDA Supply and Demand report released last week.
The USDA raised its estimate on U.S. wheat ending stocks to 754 million bushels, up 6.6% from its November projection of 704 million bushels. The upward revision reflected slow pace of U.S. export sales.
Meanwhile, corn futures for March delivery traded at USD6.9488 a bushel, down 1.1% on the day. The March contract fell by as much as 1.5% earlier in the session to trade at a daily low of USD6.9375 a bushel, the cheapest level since July 11.
Corn's losses accelerated after prices broke below the key psychological USD7.00-per-bushel level.
The March CBOT corn contract retreated almost 5.5% since December 10, after the USDA left its forecast for U.S. corn ending stocks unchanged at 647 million bushels.
Elsewhere, soybeans futures for January delivery traded at USD14.2288 a bushel, down 0.95% on the day. The front-month contract fell by as much as 1.1% earlier in the day to trade at a session low of USD14.2262 a bushel, the weakest level since November 26.
Soybean prices have been on a downward trend since touching a six-week high of USD15.0825 a bushel on December 17, after the USDA said that China, the world's largest soybean importer, cancelled a previous order to buy 300,000 metric tons of U.S. soybeans.
Prices came under additional pressure after Brazil-based weather service provider Somar Meteorologia said it expected rainfall later this week across most parts of the country's center west, southeast and southern regions.
The rainy conditions were likely to maintain good soil moisture levels, potentially boosting yields and upgrading the quality of the harvest.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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