Wheat rebounds on lower Russian export forecast; corn, soybeans rise

SINGAPORE: Chicago wheat futures bounced back on Monday, rising more than 1% as expectations of lower exports from top supplier Russia boosted hopes of higher demand for US cargoes.

Corn and soybeans also rose, but gains were limited by concerns over trade conflicts disrupting trade flows. “The wheat market has a bullish outlook, Russian wheat exports likely to slow down in the coming months,” said one trader at an international trading company in Singapore. “Wheat supplies are getting tighter.”

The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 1.2% to $5.63-1/2 a bushel as of 0328 GMT, having closed lower on Friday. Corn added 0.8% to $4.62-1/4 a bushel and soybeans gained 0.3% to $10.19 a bushel.

Russia’s IKAR consultancy last week cut its baseline 2024/25 wheat export forecast to around 41 million tons from 42.5 million tons. Low US wheat prices and an ongoing export quota in major wheat producer Russia have boosted buying interest in US wheat.

Grain markets faced pressure last week following the implementation of revised US tariffs on all steel and aluminium imports, which prompted the European Union and Canada to announce retaliatory duties on several US goods.