SINGAPORE- Chicago wheat futures ticked lower on Wednesday, easing from a near one-week high touched in the previous session, although global supply concerns amid strong demand limited the losses.
Corn rose for a second session, while soybeans bounced back.
“Wheat futures are down but tightness in supplies is supportive in the physical market,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.4 percent to $6.97-3/4 a bushel having closed 2 percent higher on Tuesday when prices hit a Sept. 9 high of $7.01-1/2 a bushel.
Soybeans were up 0.3 percent at $12.86-3/4 a bushel and corn added 0.7 percent to $5.23-3/4 a bushel.
France cut its estimate of soft wheat production in the European Union’s biggest grain grower by more than 600,000 tons to 36.06 million tons, citing wet summer weather. — Reuters
