SINGAPORE – Chicago wheat rose for the first time in six sessions on Wednesday, recovering form its lowest in 21 months on bargain buying, but forecasts of rains in parched US Plains limited gains.
“There are forecasts of rains in the US Plains which will be beneficial for the winter wheat crop,” said one Singapore-based trader.
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.5 percent to $6.56-1/2 a bushel. Meanwhile, corn added 0.5 percent to $6.11 a bushel and soybeans gained 0.6 percent at $14.25-1/4 a bushel.
Expectations of rains across US Plains next week could improve the winter crop, which has been hit by a severe drought. Wheat dropped to its lowest since July 2021 at $6.42-1/2 a bushel on Tuesday.
Discussions over the Black Sea grain deal continued to take center stage in agricultural markets.
Russian Foreign Minister Sergei Lavrov on Tuesday said the situation related to the Black Sea grain deal had reached a deadlock, adding there were still obstacles blocking Russian exports. – Reuters
