US wheat futures decline as harvest advances

Chicago wheat futures fell for a third session as the US harvest advanced, boosting global supply.

Wheat for September delivery lost as much as 0.9% to US$4.73 a bushel before trading at US$4.755 a bushel at 9:52 a.m. Singapore time.

About 17% of the US winter-wheat crop had been harvested as of June 20, the nation's Department of Agriculture said yesterday. That compares with 9% a week ago and 15% a year ago.

''The US harvest remains on track. That's the main focus of the market at the moment,'' said Michael Pitts, director for commodity sales at the National Australia Bank Ltd.

Wheat farmers are off to a ''good start'' in the Oklahoma panhandle region, where yields were 45-75 bushels an acre, the Oklahoma Wheat Commission said in a report yesterday.

Growers in Canada were expected to seed as much as 12.5 million fewer acres with wheat, barley and oats this year after heavier-than-normal rainfall muddied fields and prevented planting, the nation's Wheat Board said.

Wheat output in Canada was forecast to fall to 24.5 million tonnes in the 2010-2011 season, from 26.5 million tonnes a year earlier, the USDA said June 10, keeping its estimate unchanged from the previous month.