SINGAPORE- Chicago wheat futures rose for a third consecutive session on Tuesday, with the market trading close to its highest since 2014, as top exporter Russia’s decision to impose tax on shipments underpinned the prices. Soybeans and corn futures lost more ground.
“Russia’s higher tax on wheat, and it remaining in place beyond June, continues to reverberate through wheat markets,” said Tobin Gorey, director of agricultural strategy at the Commonwealth bank of Australia.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.9 percent at $6.81-1/4 a bushel. The market was trading not far from its May 2014 peak of $6.93 a bushel touched in the previous session.