JAKARTA- Chicago wheat, corn and soybean futures edged up in early trade on Thursday, steadying after losses in the previous session caused by favorable US crop conditions, but prevailing caution in the market capped further gains.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.45 percent at $5.64 a bushel, after falling 1.83 percent on Wednesday, its lowest since April 19.
CBOT corn rose 0.55 percent to $4.09-1/2 a bushel, after hitting a two-week low in the previous session while soybeans was up 0.26 percent to $10.69-3/4 a bushel, after falling to its lowest since November 2020.
“Chicago wheat came under further pressure over the past two days, this is a result of improving crop conditions in the US…. Short positions have also been increased in recent weeks, causing some downward pressure as well,” said Andrew Whitelaw, analyst at Australian agricultural consultancy Episode 3.
The increase was marginal and wheat is likely to trade in a narrow range over the coming days, he added.
