SINGAPORE- Chicago wheat rose on Wednesday, recouping some of this week’s losses as uncertainty over supplies from Ukraine and expectations of lower output in key exporting countries supported prices.
Corn lost ground, while soybeans inched higher with both markets likely to remain under pressure from advancing harvest in the US
“There is likely to be further wheat production downgrade in Australia and Canada,” a Sydney-based analyst said. “Supplies could tighten towards the end of the year.”
Most-active Chicago Board of Trade (CBOT) wheat contract added 0.8 percent at $5.88-1/2 a bushel, after falling 3.4 percent over the previous two sessions.
CBOT corn slipped 0.3 percent to $4.74-3/4 a bushel after rising 1 percent on Tuesday and soybeans rose 0.1 percent to $13.16-1/2 a bushel. – Reuters
