SINGAPORE- Chicago wheat futures edged higher on Thursday, recouping some deep losses from the previous session as tightening supplies from the Black Sea region underpinned the market.
Corn fell, while soybeans inched up.
“There are above-average yields expected for US spring wheat, but global wheat supplies are tight,” said a trader. “Any deterioration in the Black Sea situation will be bullish for prices.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.7 percent at $7.25-1/4 a bushel after dropping more than 5 percent in the previous session.
Corn gave up 0.2 percent to $5.47-1/4 a bushel and soybeans added 0.5 percent to $14.26-1/2 a bushel.
Scouts on the first day of an annual US crop tour on Tuesday projected spring wheat in southern and east-central North Dakota will produce yields that are slightly lower than last year, but bigger than the five-year average.
