U.S. wheat futures retreated on Thursday as worries over favorable weather dissipated and demand concerns resurfaced after top importer Egypt passed on U.S. wheat in a purchasing tender for a second straight day, reports Reuters.
Soybean futures sagged on weaker-than-expected export sales and worries of diminished livestock feed demand, while corn firmed after hitting its lowest in 3 1/2-years a day earlier due to falling ethanol demand.
U.S. wheat was offered at the lowest price in an international purchase tender from Egypt on Thursday, but the major importer chose grain from rival suppliers for a second straight day due to prohibitively high U.S. shipping costs.
