SINGAPORE- Chicago wheat bounced back on Wednesday, with the market recovering from a more than two-month low on bargain-buying, although pressure from the US harvest and improved Russian weather are likely to keep a lid on prices.
Corn and soybeans gained ground as the market assessed the impact of floods on crops in the US Midwest.
“The wheat market has sold off heavily because of US harvest pressure,” said a Singapore-based grains trader. “But we might be close to the bottom.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.7 percent to $5.64-1/2 a bushel. The contract hit its lowest level since April 19 at $5.56-3/4 a bushel, earlier on Wednesday.
Corn rose 0.9 percent to $4.47 a bushel and soybeans gained 0.6 percent at $11.18-1/2 a bushel.
The wheat market has dropped this week as the rapidly advancing US harvest shows good yields. There has been additional pressure as crops stabilized with improved weather in Russia after weeks of droughts and frost.
More flooding hit parts of the US Midwest corn and soybeans areas on Tuesday after a weekend of thunderstorms caused excess water in some areas.
