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SINGAPORE – Chicago wheat futures gained more ground on Tuesday, with prices climbing to their highest in more than a week on concerns over supplies from top exporter Russia.
Russian wheat export prices rose for the eighth consecutive week, lifted by higher export taxes, solid domestic demand, a lower 2021 crop output and a stronger rouble, analysts said on Monday.
Soybeans and corn ticked higher.
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“Buyers are worried about tightening supplies from the Black Sea region,” said one Singapore-based wheat miller which has processing facilities across Asia. “One good thing is that by the end of this year, we will have ample supplies from Australia.”
