Mumbai, 7 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat slid for a third consecutive session on Thursday, with the market dropping to its lowest since August 2020 as fierce competition among exporters provided headwinds to prices.
The most-active wheat contract on the CBOT fell 0.2% to $5.30 a bushel, as of 0240, after hitting its weakest since August 2020 at $5.28-1/2 a bushel earlier in the day.
Wheat prices came under renewed pressure after Algeria purchased at least 870,000 metric tons on Tuesday, mostly believed to be cheap wheat produced in the Black Sea region.
After the close of the CBOT on Wednesday, Egypt's state wheat buyer set an international wheat purchase tender with offers due on March 7.
Commodity funds were net sellers of CBOT wheat futures contracts on Wednesday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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