SINGAPORE: Chicago wheat futures rose on Monday to trade near the previous session's highest since 2013 as tightening world supplies and strong demand buoyed the market. Corn and soybeans edged lower.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) gained 0.4% at $7.76 a bushel, as of 0347 GMT, not far from 2013 high of $7.80 a bushel touched in the last session.
Corn lost 0.1% to $5.67-1/2 a bushel and soybeans dropped 0.4% to $12.45 a bushel.
Poor spring wheat harvests and an export duty imposed by Russia have heightened expectations of relatively tight supplies this season.
Private exporters reported the sale of 279,415 tonnes of corn to Mexico and 132,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the US Agriculture Department said last Friday. Separate soybean sales totalling 222,350 tonnes also were reported.
US soybean crushings likely declined to 4.907 million short tons, or 163.6 million bushels, in September, according to the average forecast of nine analysts surveyed by Reuters ahead of a monthly US Department of Agriculture (USDA) report.
Crush estimates ranged from 162.9 million bushels to 165.0 million bushels, with a median of 163.2 million bushels.
Large speculators raised their net long position in CBOT corn futures in the week to Oct. 26, regulatory data released on Friday showed.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and soybeans.
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