CANBERRA: Chicago wheat futures fell to their lowest in seven weeks on Tuesday after losing 1.6% in the last session, as large crops ‍in Argentina and Australia ‍kept the market flush with supply.

Corn futures also slipped, pressured by competition from cheap feed wheat ​that could reduce corn demand.

Soybeans rose slightly after hitting seven-week lows on Monday, due to concerns about the strength ⁠of U.S. export demand and expectations of a bumper harvest in Brazil.

 

FUNDAMENTALS

* The most-active wheat contract on the Chicago ⁠Board of Trade (CBOT) ‌lost 0.4% to $5.18-1/2 a bushel at 0153 GMT after touching $5.18-1/4 - lowest since October 31.

* CBOT corn eased 0.1% to $4.39-1/4 a bushel after falling to a three-week low on Monday. Soybeans rose ⁠0.1% to $10.73 a bushel.

* The prices of all three contracts slipped from highs in mid November, when the market hoped a trade truce between Washington and Beijing would lead to China quickly buying large quantities of U.S. crops, particularly soybeans.

* China's purchases have fallen short of traders' estimates. Wheat is down around 7% ⁠from those November highs, while soybeans ​have fallen around 8% and corn about 3%.

* Adding pressure on wheat is a record harvest being gathered in Argentina, where the Rosario Grains ‍Exchange last week raised its production estimate to 27.7 million metric tons from 24.5 million tons.

* Australia is also on track for its ​third-biggest harvest season.

* Northern Hemisphere harvests earlier in the year were also large across major producing nations, with the U.S. Department of Agriculture (USDA) last week raising its estimates for global production and end-of-season stocks. There's no sign yet of significant production problems in 2026.

* Export prices in Russia, the biggest shipper of wheat, went up last week, analysts said. But global export competition remains strong, keeping a lid on pricing.

* Funds were net sellers of CBOT wheat, soybeans and corn on Monday, traders said. Large speculators were net short in wheat and corn, but net long in soybeans on November 25, the latest date for which Commodity Futures Trading Commission data is available.

* In soybeans, ⁠the U.S. crush slowed more than expected in November after hitting ‌an all-time high in October, per the National Oilseed Processors Association (NOPA). But it was still the largest-ever soybean crush for November.

MARKETS NEWS

* MSCI's global equities gauge fell slightly with U.S. Treasury yields on Monday, as investors were shy ‌about taking ⁠big bets while awaiting the week's busy schedule of U.S. economic data releases, including a jobs report and retail sales ⁠as well as the latest inflation reading. (Reporting by Peter Hobson; Editing by Sumana Nandy)