SINGAPORE- Chicago wheat edged higher on Tuesday, with prices supported by expectations of lower output in Russia amid its war with Ukraine and adverse weather conditions in key exporting countries.
Soybeans and corn slid, with prices under pressure from ample supplies from US harvest and an outlook for improved weather in Brazil.
There is support for wheat prices because of lower output in the Black Sea region, said one agricultural broker. In addition, there is adverse weather which is threatening to reduce yields in Argentina and Australia, he added.
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.1 percent at $5.93 a bushel. Soybeans lost 0.8 percent to $10.26-1/4 a bushel and corn fell 0.4 percent to $4.24-1/2 a bushel.
Russia’s grain harvest will be hit by the impact of Ukraine’s attacks on grain-producing regions close to the border and by bad weather in many other regions, the RIA news agency cited Agriculture Minister Oksana Lut as saying on Monday.
