SINGAPORE- Chicago wheat gained more ground on Tuesday and was trading near its highest since late-February, after a US report showed a decline in winter crop rating, raising concerns over supplies.
Soybeans edged higher, recouping last session’s losses, while corn rose for a second session.
“There was potential crop damaging weather in the US over the weekend, which is supporting prices,” said one trader in Singapore with a company which sells US wheat to millers in Southeast Asia.
“Russian exports are slowing and it will mean higher demand for US wheat.”
The most active wheat contract on the Chicago Board of Trade (CBOT) added 0.6 percent to $5.72 a bushel, not far from its highest level since February 27 reached on Monday.
Soybeans rose 0.2 percent to $10.17 a bushel and corn gained 0.1 percent at $4.61-1/4 a bushel.
The US Department of Agriculture on Monday rated 48 percent of the winter wheat in top producer Kansas in “good to excellent” condition, down from 52 percent the previous week.
With the harvest still about three months away, the US winter wheat crop is breaking dormancy and resuming growth, a time when the need for moisture typically increases. Forecasts called for mostly dry weather this week in the southern Plains.
