SINGAPORE: Chicago wheat futures ticked higher on Thursday, with the market regaining some ground after dropping to a one-week low in the last session, although expectations of bumper supplies limited gains. Corn rose for the first time in four sessions, while soybeans were largely unchanged.
“Growing global wheat production is going to pressure prices,” said one grains trader in Singapore. “Buying interest is also very limited.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.3percent to USD5.26 a bushel, as of 0601 GMT, but not far from one week low reached on Wednesday at USD5.23 a bushel.
Corn rose 0.1percent to USD4.06-1/2 a bushel and soybeans slid 0.2percent to USD10.45-3/4 a bushel. Wheat prices are facing headwinds amid forecasts for rainfall in US winter wheat-growing areas in the coming days, analysts said.
Australia is on track to produce between 32 million and 35 million metric tons of wheat in its upcoming harvest, according to analysts, who raised their forecasts after an improvement in crop conditions and said they could further upgrade them.
Updated quality results from this year’s French soft wheat harvest showed that 69 percent of the crop had a protein content above 11percent, down from 74 percent last week and well below a five-year average of 83percent, farm office FranceAgriMer said on Wednesday.
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