SINGAPORE- Chicago wheat inched higher on Thursday, after hitting a four-week low in the previous session on pressure from a rapidly advancing US harvest, with crop prospects in the Black Sea region likely to influence prices in the coming days.
Soybeans and corn rose for the first time in eight sessions, although ample world supplies curbed gains.
“More price volatility is expected in June as the Black Sea and other region’s crop surveys will be updated,” according to a Rabobank report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.2 percent to $6.47-3/4 a bushel, having dropped to its lowest since May 10 at $6.43 a bushel on Wednesday.
Soybeans rose 0.4 percent to $11.81-3/4 a bushel and corn gained 0.5 percent at $4.41-1/2 a bushel.
Wheat supplies from freshly-harvested crops in the United States and other northern hemisphere producers are likely to keep a lid on prices.
