SINGAPORE: Chicago wheat climbed 1.7% on Monday as bargain-hunting supported prices after the market dropped more than 6% in the previous session to a three-year low on data pegging US wheat production above expectations.
Soybeans lost more ground, while corn ticked higher with US harvest likely to weigh on prices of both products. “US wheat crop is now bigger than what was expected,” a Singapore-based trader said. “It is likely to be bearish for the wheat market given the fact that Ukraine is able to export wheat through sea route despite Russian attacks.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 1.7% to $5.50-3/4 a bushel, as of 0449 GMT, after dropping on Friday to $5.40 a bushel, its lowest since September 2020.
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