SINGAPORE- Chicago wheat slid on Thursday as the market took a breather after the previous session’s strong gains, although the decline was limited by concerns over US yields and adverse weather in some of the key exporting countries.
Corn gained ground on worries about dryness in parts of the US Midwest, while soybeans ticked higher.
Disappointing early spring wheat yields in Russia and continued dryness in Canadian spring areas could result in tighter global supplies, commodities research firm Hightower said in a report.
“In a switch from recent market movements, wheat may begin to lead corn higher rather than simply being a follower.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 1.2 percent to $6.66-3/4 a bushel. Soybeans added a quarter of a cent to $13.55-1/4 a bushel and corn gained 0.4 percent at 4.95-1/2 a bushel.
Wheat jumped more than 5 percent on Wednesday after the US Department of Agriculture (USDA) said just 37 percent of the winter crop was harvested as of Sunday, versus 52 percent last year. The agency also unexpectedly cut its spring wheat rating as rains failed to improve conditions.
