SINGAPORE- Chicago wheat futures bounced back on Wednesday as concerns over supplies from top exporters Russia and the United States supported prices.
Soybeans gained ground, although better-than-expected crop conditions and forecasts for rain across the US Midwest kept a lid on prices.
“Some consumers are balking at higher prices for now. And that has few traders worried perhaps the gains have been too much, too soon,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, referring to global wheat prices.
“We are a little skeptical of that, the market is cutting wheat crop estimates. Chances are those consumers will return later and have to bite the bullet on higher prices.”
The most-active wheat contract on the Chicago Board Of Trade (CBOT) gained 0.6 percent at $7.28-1/2 a bushel, after posting a 0.7 percent fall in the previous session.
Soybeans added 0.4 percent to $13.25 a bushel while corn eased 0.1 percent to $5.51-1/2 a bushel. – Reuters