Chicago wheat recovers from one-month low
Chicago wheat futures rebounded on Tuesday from early May lows due to bargain-buying. Soybeans retreated while corn edged up. Wheat’s upside was limited by the northern hemisphere harvest and Turkey’s import ban. A Singapore grains trader highlighted downward wheat trends due to fresh harvest supplies. The most-active wheat contract on CBOT rose 0.6% to $6.11/bushel after hitting $6.05-1/2 earlier. Corn and soybean prices hinge on US crop weather.
SINGAPORE: Chicago wheat futures rose on Tuesday, recovering from its lowest level since early May on bargain-buying, although pressure from the expanding northern hemisphere harvest and Turkey’s import ban limited the upside in prices.
Soybeans slid, giving up some of the last session’s gains, while corn edged higher. “The wheat market is going to see some downward trends, as supplies from freshly harvested crops are entering the market,” a grains trader in Singapore said. “For corn and beans, US crop weather is key for price direction.” The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.6% at $6.11 a bushel, as of 0350 GMT, having dropped to its weakest since May 3 to $6.05-1/2 a bushel earlier on Tuesday.
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