SINGAPORE- Chicago wheat bounced back on Monday, rising more than 1 percent and gaining after three sessions of declines, as worries over global supplies underpinned the market, which had hit a 10-month high last week.
Soybean slid to a one-month low, weighed down by US planting progress and ample South American supplies.
“Black Sea weather issue is driving wheat prices higher,” said one Singapore-based trader.
“Lower wheat production in Russia can make a big difference to world supplies and availability of competitively priced wheat cargoes.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 1.2 percent to $6.86-3/4 a bushel. The contract hit its highest since late July at $7.20 a bushel on Tuesday but slid towards the end of the week.
Soybeans fell 0.9 percent to $11.94-1/4 a bushel, having slid to $11.94 earlier in the session, the weakest since May 2. Corn edged 0.1 percent lower to $4.46 a bushel.
