Wheat prices fall

Reuters

Winnipeg

Chicago wheat dropped on Thursday for the fourth straight session on lackluster weekly export sales and the improving condition of the U.S. winter crop.

Soybeans slid in a correction from Monday's highest price since Aug. 17 and corn rose on speculation U.S. farmers may switch some acres to soy.

The most-active May wheat contract on the Chicago Board of Trade dropped six cents or 1.1 percent to $4.57 a bushel, touching a one-week low of $4.56-3/4.

The USDA's export sales report showed net cancellations of old-crop U.S. wheat totaling 58,100 tonnes in the week to March 31, the weakest results in the current marketing year. Analysts had expected old-crop net sales of 150,000 to 350,000 tonnes.

"Wheat is kind of taking it from all sides here," said Terry Linn, broker at The Linn Group. "All things considered, it's doing an OK job of composing itself and not collapsing.