SINGAPORE- Chicago wheat inched up Monday, with bargain buying supporting prices, after the market suffered in its biggest daily loss in more than three months in the previous session on expectations of improved weather in key growing areas.
Soybeans ticked higher, recouping some of Friday’s losses while corn firmed.
“It is combination of two factors which pressured prices. There is improved weather in Russia and US for wheat planting and demand is pretty subdued,” a Singapore-based grains trader said. “Buyers are not active in the market as they are looking at a big crop from Australia despite some damage from dryness.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.2 percent to $5.74 a bushel, having lost on Friday 2.8 percent, the biggest one day drop since mid-July.
Soybeans added 0.5 percent to $9.75 a bushel, having dropped 2 percent on Friday and corn gained 0.1 percent at $4.05-1/4 a bushel.
The return of rain to parched wheat areas in southern Russia and the central United States have eased worries about dryness hampering plantings for the 2025 crop, though drought was still seen as a risk.
