SINGAPORE- Chicago wheat was largely unchanged on Monday, after climbing to its highest in more than a month last week, as rains in key Southern Hemisphere producers Australia and Argentina boosted supply prospects.
Corn edged higher and soybeans slid for a second consecutive session.
“The weather on Australia’s east coast has been pretty favorable for wheat,” a Singapore-based trader said. “Earlier, there was talk of 22 million metric tons of wheat production but now we are looking more close to 25.0-25.5 million tons.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was flat at $5.86 a bushel, after climbing to its highest since Sept. 15 at $6.05 a bushel on Friday.
Corn added 0.2 percent to $4.96-1/4 a bushel while soybeans lost 0.4 percent to $12.97-3/4 a bushel.
Recent rains across key Australian wheat growing areas are likely to increase yields, adding several million tons to a crop that had been hit by dry weather and boosting the global supply outlook, analysts said.
Heavy rains drenched drought-hit agricultural regions across Argentina over the weekend, the National Meteorological Service said, raising hopes for better wheat conditions in the South American country.
