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SINGAPORE- Chicago wheat futures edged higher on Tuesday, with prices trading near the previous session’s six-year peak on concerns over dryness in the key Northern Hemisphere producing regions.
Soybeans ticked higher after a US Department of Agriculture report pegged the US harvest pace behind market expectations.
“There could be more upside potential for wheat prices if we see more dryness in Russia and the US winter wheat growing areas,” said one Singapore-based trader.
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The most-active wheat contract on the Chicago Board Of Trade (CBOT) was up 0.1 percent at $6.27-1/2 a bushel, having climbed to a six-year high of $6.37 a bushel on Monday.
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