Wheat rises for second session on strong demand; corn, soybeans ease
Chicago wheat futures continued to rise on Thursday, driven by strong demand from importers. The most-active contract gained 0.5% to $5.42 a bushel, rebounding from a four-month low earlier in the week. Global export deals, including purchases by Algeria and Egypt, supported prices. Meanwhile, corn and soybeans fell due to favorable crop weather in the US Midwest, with corn down 0.5% to $4.09-3/4 a bushel and soybeans down 0.7% to $10.34-1/4 a bushel.
SINGAPORE – Chicago wheat futures gained more ground on Thursday, buoyed by rising demand from importers, after the market hit a more than four-month low earlier this week.
Corn and soybeans slid on pressure from favourable crop weather in the U.S. Midwest.
“There has been some international business for wheat which is supporting prices,” a grains broker in Singapore. “The wheat has been over sold, so a recovery in prices is likely.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.5% to $5.42 a bushel, as of 0301 GMT, having dropped on Tuesday to $5.25 a bushel, its lowest level since March 11.
Corn lost 0.5% to $4.09-3/4 a bushel and soybeans gave up 0.7% to $10.34-1/4 a bushel.
The wheat market is rebounding amid a flurry of global export deals.
Algeria’s state grains agency bought about 600,000 metric tons of milling wheat in an international tender. Egypt’s state buyer booked 770,000 tons of mostly Russian wheat on Tuesday, its biggest single purchase since 2022.
Meanwhile, Asian wheat buyers have stepped up purchases in recent weeks, taking cargoes from the Black Sea region.
Generally favourable crop weather in the Midwest is weighing on corn and soybeans.
Ukraine’s grain exports in the 2024/25 July-June season rose to almost 2 million tons by July 17 from 1.3 million tons at the same date a season earlier, agriculture ministry data showed on Wednesday.
Germany’s 2024 wheat crop will fall 6.2% on the year to 20.2 million tons, the country’s association of farm cooperatives said in its latest harvest estimate on Wednesday, maintaining its forecasts for a reduced crop this summer.
Commodity funds were net buyers of CBOT wheat, corn and soymeal futures contracts on Wednesday, net sellers of soyoil futures and net even in soybeans, traders said.
Source Link : https://www.zawya.com/en/markets/commodities/wheat-rises-for-second-session-on-strong-demand-corn-soybeans-ease-uswfqp12
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