SINGAPORE- Chicago wheat futures rose on Tuesday, recouping some of last session’s losses with a potential decline in yields following hot and dry weather in the US and Europe underpinning prices.
Soybeans and corn fell after a crop tour forecast above-average yields in Ohio, easing concerns over supplies.
“Chicago wheat prices are strengthening as we are seeing some adverse weather for the US spring crop,” said a Singapore-based trader.
“But global the market is more worried about the Black Sea region where war risk premiums are going up.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.4 percent to $6.28-1/4 a bushel. Soybeans lost 0.2 percent to $13.59-1/2 a bushel and corn gave up 0.4 percent to $4.80-3/4 a bushel.
The condition of the US spring wheat crop dropped in the latest week, the government said on Monday, as forecasts for hot and dry weather continued in the northern Plains this week. – Reuters
