SINGAPORE- Chicago wheat futures climbed more than 1 percent on Monday, bouncing back from the previous session’s losses as tightening global supplies and strong demand buoyed the market.
Corn rose for a fifth consecutive session while soybeans gained 1.3 percent.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) rose 1.3 percent to $8.51 a bushel.
Wheat dropped 1.2 percent on Friday as news of a new coronaviurs variant discovered in South Africa dragged down global markets.
“We are sceptical that the Omicron variant will diminish wheat demand by much,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
Soybeans were up 1.3 percent to $12.68-1/2 a bushel and corn rose quarter of a cent to $5.87 a bushel.
Adverse weather has impacted wheat supplies from key Northern Hemisphere exporters.
