SINGAPORE- Chicago corn edged higher on Wednesday, after dropping earlier in the session to its lowest in a week on pressure from crop-friendly US weather and easing Black Sea supply concerns.
Wheat and soybeans rose 0.8 percent.
“US weather has added a bit of pressure on prices,” said one Singapore-based grains trader. “Ukrainian ships are moving out, which is positive for supplies.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.3 percent to $6.12 a bushel, after hitting its lowest since Aug. 8 at $6.06-3/4 a bushel.
Wheat gained 0.8 percent at $8.09-1/2 a bushel and soybeans Sv1 climbed 0.8 percent to $13.92-1/4 a bushel.
Forecasts for rain this week in dry western parts of the US corn and soybean belt pressured markets, despite declining crop conditions last week as reported by the US Department of Agriculture (USDA).
Supply fears related to Russia’s invasion of Ukraine have eased by initial grain shipments under a safe-passage agreement.
The ship Brave Commander has left the Ukrainian port of Pivdennyi carrying the first cargo of humanitarian food aid bound for Africa from Ukraine since Russia’s invasion, RefinitivEikon data showed on Tuesday. – Reuters