SINGAPORE- Chicago wheat futures gained more ground on Thursday, buoyed by rising demand from importers, after the market hit a more than four-month low earlier this week.
Corn and soybeans slid on pressure from favorable crop weather in the US Midwest.
“There has been some international business for wheat which is supporting prices,” a grains broker in Singapore. “The wheat has been over sold, so a recovery in prices is likely.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.5 percent to $5.42 a bushel, having dropped on Tuesday to $5.25 a bushel, its lowest level since March 11.
Corn lost 0.5 percent to $4.09-3/4 a bushel and soybeans Sv1 gave up 0.7 percent to $10.34-1/4 a bushel.
The wheat market is rebounding amid a flurry of global export deals.
Algeria’s state grains agency bought about 600,000 metric tons of milling wheat in an international tender. Egypt’s state buyer booked 770,000 tons of mostly Russian wheat on Tuesday, its biggest single purchase since 2022.
