SINGAPORE: Chicago wheat futures edged higher on Tuesday, as the market took a breather after dropping to its lowest since late May in the previous session on large supplies from Russia weighing on prices.
Corn and soybeans inched higher as traders adjusted their positions ahead of a key U.S. government world supply-demand report due later in the day.
FUNDAMENTALS
The most-active active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $5.85-1/2 a bushel, as of 0014 GMT. Corn edged 0.1% higher to $4.86 a bushel and soybeans gained 0.1% to $13.69-1/4 a bushel.
Russian wheat export prices inched lower last week, tracking global benchmarks, as analysts continue to raise crop and export forecasts for this season.
The price of 12.5%-protein Russian wheat scheduled for free-on-board (FOB) delivery in October was $240 per metric ton last week, down from $245 a week earlier, the IKAR agriculture consultancy reported.
In the United States, weekly condition ratings for the U.S. soybean and corn crops declined in the past week, hovering at the lowest levels in a decade as dry conditions expanded, government data showed after the market closed on Monday.
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