CANBERRA- Chicago wheat futures edged lower on Thursday, as hopes for strong US yields took the edge off worries about crop losses in top exporter Russia which drove prices to 10-month highs this week.
Soybean futures inched up as concerns over flooding in Brazil offset data showing lower demand for beans from US soy processors.
Corn also rose slightly, despite drier weather forecast in the US Midwest that is favorable for planting.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.2 percent at $6.64-3/4 a bushel after rising as high as $6.97 in volatile trade on Wednesday.
CBOT soybeans were up 0.2 percent at $12.15-1/2 a bushel, while corn edged up 0.1 percent to $4.62-3/4 a bushel.
All three contracts hit their lowest levels since 2020 earlier this year, but regained some ground as supply outlooks tightened. Soybeans are up around 7.5 percent from this year’s lows, corn is up around 14 percent and wheat around 26 percent.
Record exports from Russia had held wheat prices down, but consultancy Sovecon cut its forecast for Russia’s 2024 harvest to 85.7 million metric tons from 93 million tons just a few weeks ago due to dry weather and frosts.
