SYDNEY- US wheat futures edged higher on Thursday, rebounding from losses of 2 percent in the previous session, although gains were still held back amid signs that North American supplies remain uncompetitive into key markets in Asia.
Soybeans were near flat after posting losses of 0.6 percent in the previous session, and corn was little changed.
The most active wheat futures on the Chicago Board of Trade were up 0.2 percent at $4.90-1/4 a bushel, after a big drop on Wednesday as US supplies struggled to compete against major exporters in the Black Sea and Europe.
“The gains in prices elsewhere are allowing Russian wheat prices to rise and yet remain the most competitive offer throughout much of Asia,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Market attention now turns to latest US Department of Agriculture (USDA) export data.
Analysts are expecting a USDA report on Thursday to show weekly wheat export sales in a range from 200,000 tons to 600,000 tons, below typical volumes for this time of year. – Reuters