MARKET TALK: Aussie Wheat May Drop Again After CBOT Softens

Australian wheat values are likely Wednesday to extend Tuesday's declines after U.S. wheat futures fell overnight to a 1-week low, influenced by widespread selling in commodities. Reduced risk exposure across asset classes encouraged traders to take profits, analysts say. CBOT May wheat fell 9.75 cents to $6.4250/bushel. The AUD/USD is now at 1.0474, after collapsing Tuesday afternoon from 1.0625, a slump that will support local wheat prices. On Tuesday, the nearby ASX wheat futures deliverable May in New South Wales fell A$4.00 to A$210.50/metric ton, while those in Western Australia lost A$5.50 to A$224.50.