Chicago wheat futures climb on strong demand

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 US 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.