SINGAPORE- Chicago soybean and corn futures gained more ground on Wednesday, with forecasts of dry weather in the US Midwest supporting prices.
Wheat rose for a second session, as Russian air strikes damaged infrastructure at the Black Sea port of Odesa, a day after Moscow quit the export deal that facilitated Ukraine crop shipments.
“Forecasts of dryness for rest of July and early August for US for corn and beans is supporting prices,” said one Singapore-based trader. “The situation in Russia and Ukraine is expected to reduce grain and oilseed shipments.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.3 percent to $13.99-1/4 a bushel, and corn gained 1.4 percent at $5.41-3/4 a bushel.
Wheat rose 1.2 percent to $6.78-1/2 a bushel.
The market is worried about the potential for warmer, drier weather to trim yields in late July and in August, which are critical months for soybean and corn development. – Reuters
