CANBERRA- Chicago wheat futures rose on Tuesday and hovered near a 10-month high hit in the previous session after frosts damaged crops in Russia, reducing supply from the world’s biggest wheat exporter.
Corn futures also gained as excessive moisture in the Midwest hampered US corn planting.
Soybeans fell as the prospect of a strong US harvest offset floods in southern Brazil that are shrinking production.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2 percent at $6.88-1/4 a bushel, after rising to $6.94 on Monday, its highest since last July.
CBOT corn climbed 0.2 percent to $4.73-1/4 a bushel after reaching $4.76, its highest since December 2023. Soybeans fell 0.5 percent to $12.14 a bushel.
All three contracts fell this year to their lowest levels since 2020 as speculators responded to plentiful supply by amassing bearish short positions.
