SINGAPORE- Chicago wheat prices bounced back on Monday, with the market climbing more than 1 percent as worries over production declines in several exporting countries, including top supplier Russia, supported prices.
Soybeans ticked lower, although crop losses in Brazil following rains and heavy flooding continued to underpin the market, while corn firmed.
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 1.2 percent to 6.59-1/4 a bushel, having lost 1.8 percent on Friday.
Soybeans gave up 0.2 percent at $12.25-3/4 a bushel and corn rose 0.3 percent to $4.54 a bushel.
Adverse weather in Russia and European countries in supporting wheat prices.
Russia’s wheat exports in the 2024/25 season could amount to 46.9 million metric tons, according to a consensus forecast by the Russian Union of Grain Exporters. The agriculture ministry estimated wheat exports for the 2022/23 season at 47 million tons.
