SINGAPORE- Chicago corn futures rose on Wednesday, recouping the previous session’s losses on bargain buying and positioning ahead of US government stock data due later this week, although expectations of large global supplies kept a lid on the market.
Soybeans and wheat also gained ground.
“The market is just waiting for the US stocks report with some buying interest at these levels,” said one Singapore-based trader. “Global supplies are looking comfortable.”
The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.4 percent to $4.81-1/2 a bushel. Soybeans added 0.1 percent to $13.03-3/4 a bushel and wheat climbed 0.5 percent to $5.91-3/4 a bushel.
Ample corn supplies from South America and the harvest of the second-largest corn crop on record in the United States are providing headwinds to prices.
The US Department of Agriculture (USDA) is slated to issue a closely watched, quarterly report on US grain stocks at the end of the week.
Russian attacks on Ukrainian ports are raising concerns over wheat supplies, although plentiful Russian supplies are weighing on the market. – Reuters
