SINGAPORE- Chicago wheat futures rose for a third consecutive session on Thursday to trade near a one-week high as concerns over global supplies underpinned the market.
Corn and soybeans edged higher.
“There is a bullish sentiment in global agriculture markets,” said one Singapore-based trader. “Production issues and supply disruptions are supporting prices.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.1 percent to $7.13 a bushel, matching earlier in the day to previous session’s highest since Sept. 8 at $7.15 a bushel.
Soybeans inched 0.2 percent higher at $12.97-1/4 a bushel and corn rose 0.3 percent to $5.35-1/4 a bushel.
Tightening global wheat supplies are supporting prices.
Russian farmers are expected to sow less winter wheat this autumn than record levels seen a year ago due to unfavorable weather conditions, a switch to oilseeds in some regions and concerns about the country’s grain export tax, analysts said. — Reuters
