SINGAPORE- Chicago wheat prices inched higher on Wednesday, snapping a four-day run of declines, after a survey showed a sharp fall in Canadian production that could curb global supplies.
Soybean and corn prices stabilized after falling on Tuesday, when US government data showed that hot and dry weather had not damaged US crops as much as thought.
“Wheat futures have firmed today but the wheat market is focused on record supplies from Russia,” a Singapore-based trader said. “It is difficult for prices to rally given the supplies from Russia.”
The most active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2 percent at $6.01-1/2 a bushel. Soybeans lost 0.3 percent to $13.88-3/4 a bushel and corn added 0.3 percent at $4.88-1/4 a bushel.
Wheat production in Canada fell by 14.2 percent in 2023 compared to 2022, a Statistics Canada survey showed on Tuesday, due to lower-than-average precipitation and high temperatures.
However, Chicago wheat prices are down nearly 10 percent this month, with the market well supplied by cheap Russian grain.
