SINGAPORE- Chicago wheat futures were largely flat on Tuesday, holding on to gains seen in the previous two sessions as concerns over dryness in parts of the US winter crop supported the market.
Corn prices eased on pressure from estimates of record Brazilian crop, while soybeans were little changed.
“There is some dryness in the US which is indicative of lower yields,” said Phin Ziebell, agribusiness economist at National Australia Bank.
The most-active wheat contract on the Chicago Board of Trade fell quarter of a cent to $6.84-1/4 a bushel. Corn lost 0.2 percent to $6.12-1/2 a bushel and soybeans Sv1 added quarter of a cent to $14.91-1/2 a bushel.
The US Department of Agriculture’s (USDA) National Agricultural Statistics Service in a weekly crop report on Monday rated 17 percent of the winter wheat in top producer Kansas in good-to-excellent condition, unchanged from the previous week.
Approximately 55 percent of US winter wheat is produced in an area currently experiencing drought, the USDA said last week, up from 54 percent a week earlier. – Reuters
