CHICAGO: Wheat futures on the Chicago Board of Trade fell to multiyear lows on Tuesday, following broad weakness in commodities led by crude oil, traders said.

Oil prices stumbled on signs a proposed output freeze by producers would not come to fruition.

Also bearish, rains crossing Oklahoma and eastern Texas were expected to bring beneficial moisture to hard red winter wheat in the southern US Plains.

CBOT March wheat settled down 10-1/2 cents at $4.48 per bushel after dipping to $4.47-1/2, the lowest spot price on a continuous chart since June 2010.

K.C. hard red winter wheat and MGEX spring wheat futures also declined but held above contract lows.

Record-large global wheat stocks and poor export demand for US supplies continue to act as a drag down prices. Some traders expect deliveries against CBOT March futures on first notice day next week, a factor that pressured the spot contract against back months.—Reuters