SINGAPORE- Chicago wheat rose for the first time in three sessions on Tuesday as bargain buying supported the market although improved health of the US winter crop limited the upside potential in prices.
Soybeans gained ground on concerns over planting delays in top exporter Brazil, where dry weather is threatening to cut yields, while corn was little changed.
“US winter crop ratings are better than expected which has raised hopes for supplies next year,” said a Singapore-based trader. “But the crop still has to go through the development phase early next year.”
The most active wheat contract on the Chicago Board of Trade (CBOT) rose 0.3 percent to $5.62-1/2 a bushel, after dropping 2.8 percent in the last session.
Soybeans added 0.4 percent to $13.34-3/4 a bushel and corn was unmoved at $4.75-1/4 a bushel.
The US Department of Agriculture (USDA) on Monday rated 50 percent of the US winter wheat crop in good-to-excellent condition, up two percentage points from last week and a bigger improvement than most analysts expected.
Export prices for Russian wheat rose last week, helped by a continuing drop in shipments owing to stormy weather in ports, analysts said.
The price of 12.5 percent protein Russian wheat scheduled for free-on-board delivery in January was $235 per metric ton last week, up $5 from the previous week, the IKAR agriculture consultancy reported. – Reuters
