BEIJING- US wheat prices rose on Thursday on news that Russia, the world’s largest wheat exporter, could reduce its export quota to secure domestic supply in the face of food inflation, while soybean prices climbed tracking firmer soyoil futures.
Russia is considering reducing its wheat export quota slightly from a previously planned 9 million tons, five sources familiar with discussions among officials told Reuters on Wednesday.
The most-active wheat contract on the Chicago Board of Trade was up 0.4 percent at $7.59 a bushel, while soybeans edged up 0.7 percent to $12.72 a bushel, set for a third consecutive day of gains.
CBOT soyoil futures rallied after the National Oilseed Processors Association (NOPA) said supplies among its US members had slipped to 1.832 billion lbs by the end of November, from 1.835 billion a month earlier.
This was its first monthly decline since June, surprising analysts who had expected oil stockpiles to climb.
Meanwhile, the most-active corn contract was also up 0.5 percent at $5.89 a bushel.
Argentina will cut export taxes on soybeans, corn and wheat, but only if they are organics, which currently make up a small fraction of the major grains producer’s harvest. — Reuters
