CHICAGO: Chicago wheat futures firmed on Tuesday as global supply concerns arise amid strong demand, while a weaker US dollar supports US trade.
Corn inched higher after a weekly decline in U.S crop conditions reported by the US Agriculture Department (USDA).
Soybeans traded both sides of even, supported by export expectations, despite harvest pressure.
The Chicago Board of Trade (CBOT) most-active wheat contract was up 12-3/4 cents to $6.99-3/4 a bushel as of 11:04 a.m. (1604 GMT), its first gain in six sessions.
Corn firmed 6 cents to $5.19-1/4 a bushel and soybeans gained 3 cents to $12.87-3/4 a bushel.
France cut its estimate of soft wheat production in the European Union’s biggest grain grower by more than 600,000 tonnes on Tuesday to 36.06 million tonnes, citing wet summer weather.
Canada’s drought conditions damaged the wheat harvest even more than it appeared weeks ago, according to a Statistics Canada report estimating spring wheat output at 15.3 million tonnes, down 41% year over year.
This comes at a time of strong global wheat demand, including a significant number of international tenders in the past week.
US Winter wheat was 12% planted as of Sept. 5, up from 5% last week, the USDA said.
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