SINGAPORE- Chicago wheat futures on Monday traded near last session’s five-month highs, with the market supported by concerns over tightening supplies and short-covering.
Soybeans rose for the first time in eight sessions, rebounding from Friday’s more than two-month lows, although uncertainty around a trade deal between Washington and Beijing limited gains.
The most active wheat contract on the Chicago Board Of Trade was unchanged at $5.41-3/4 a bushel, having closed up 2.8 percent on Friday when prices hit a June 28 high of 5.46.
Soybeans rose 0.5 percent to $8.80-3/4 a bushel after hitting their lowest since Sept. 12 on Friday and corn added 0.2 percent to $3.82 a bushel.
“US wheat exports continue at a pace a little ahead of expectations,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
“And the market is also realizing its worries about Argentina’s wheat crops. Reports from Argentina suggest yields in some regions are down by more than a third.”
Asian millers are hoping for shipments from Argentina to ease tightness in supplies resulting from a drought in Australia. – Reuters