Economic data released by the U.S. government prompted wheat and corn futures to lose value on Wednesday, according to Bloomberg.
Wheat futures dropped to their lowest value in five months and corn futures endured the challenges presented by reduced overseas demand for the grain from the U.S., which is the globe's top shipper. For week ended December 20, exports of inspected wheat fell more than 9 percent to amount to 15.128 million bushels, representing the lowest for that period in three years.
"The lack of export demand is dragging down the corn and wheat markets," grain specialist Tim Hannagan with Alpari US LLC in Chicago told the news source on Wednesday. "Demand is declining."
At 12:30 p.m. on Wednesday, corn futures fell 1.42 percent, a 0.1 cent drop to $6.9425 per bushel. Wheat futures slipped 2.11 percent, a 0.1675 cent loss to $7.77 per bushel.
The Wall Street Journal reports the federal cabinet of India opted to endorse shipments of 2.5 million more metric tons of wheat as the government's supplies of the grains are strong.
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