SINGAPORE- Chicago wheat futures gained more ground on Wednesday, with prices supported by dry weather that threatens to reduce yields in key producing regions.
Soybeans rose after hitting a two-week low on Tuesday, although expectations of a record US output limited the gains.
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.6 percent to $5.98-1/4 a bushel, gaining for a third straight session. Soybeans added 0.3 percent to $10.19-1/4 a bushel and corn rose 0.1 percent to $4.21 a bushel.
Dry weather in leading exporters such as Australia, Russia and the United States is raising worries over world supplies.
Russia, the world’s biggest wheat exporter, has so far harvested about 85 million metric tons of wheat and 120 million tons of grain in gross weight from 90 percent of the seeded area, Agriculture Minister Oksana Lut said on Tuesday.
Russia has officially forecast this year’s grain harvest at 132 million tons, an 11 percent drop from 148 million tons in 2023 and a 16 percent fall from a record 158 million tons in 2022.
