SINGAPORE- Chicago wheat ticked higher on Wednesday, bouncing off the two-week low hit earlier in the session, with lower output in Russia providing a floor under the market.
Soybean gained ground as crop losses due to flooding in top exporter Brazil underpinned the market, while corn firmed.
“Overseas, markets continue to trade Russian crop production figures, while other key growing regions do remarkably well,” said Commonwealth Bank analyst Dennis Voznesenski.
“Market estimates for Russian wheat production have stabilized between 82-85 mmt following recent frost and dryness. In Ukraine, production seems largely unscathed.”
The most active wheat contract on the Chicago Board of Trade (CBOT) was up 0.5 percent at $6.61-1/4 a bushel. It hit $6.56-3/4, its lowest since May 20, earlier in the session.
Soybeans rose 0.8 percent to $11.88-3/4 a bushel and corn added 0.1 percent to $4.42-3/4 a bushel.
