SINGAPORE- Chicago wheat rose more than 1 percent on Monday to its highest in almost three weeks as concerns over Black Sea supplies and crop damage in top consumer China underpinned the market.
Corn jumped to a six-week high while soybeans gained for a fourth consecutive session with dryness in key growing US Midwest supported prices.
“The wheat market’s deeply oversold condition has left it vulnerable to heavy short covering when the weather, economic strength, or uncertainty about global crops emerge,” commodities research firm Hightower said in a report.
Russia limiting ship registrations for Black Sea cargoes and excessive rains in China’s largest wheat producer Henan are supporting prices, it added.
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 1.2 percent to $6.26-1/2 a bushel, after climbing earlier in the session to its highest since May 17 at $6.28 a bushel. – Reuters
