CANBERRA- Chicago wheat futures rose on Wednesday after France’s farm ministry downgraded the country’s crop again, though sizeable exports of cheap Black Sea wheat continued to stifle a rally that drove prices to three-month highs last week.

Soybean futures climbed as traders monitored heat and dryness in top producer Brazil that threaten soybean seeding, and corn also gained.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.4 percent  at $5.78 a bushel, but well below Friday’s high of $5.99.

“The market is processing the European quality problems, and dryness in the Black Sea region has started to weigh,” said Vitor Pistoia at Rabobank in Sydney.

“Supply next year might not be that large. And we have low stocks,” he said, but added that prices wouldn’t necessarily rise.   CANBERRA- Chicago wheat futures rose on Wednesday after France’s farm ministry downgraded the country’s crop again, though sizeable exports of cheap Black Sea wheat continued to stifle a rally that drove prices to three-month highs last week.

Soybean futures climbed as traders monitored heat and dryness in top producer Brazil that threaten soybean seeding, and corn also gained.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.4 percent  at $5.78 a bushel, but well below Friday’s high of $5.99.

“The market is processing the European quality problems, and dryness in the Black Sea region has started to weigh,” said Vitor Pistoia at Rabobank in Sydney.

“Supply next year might not be that large. And we have low stocks,” he said, but added that prices wouldn’t necessarily rise.