HAMBURG: Chicago wheat rose on Monday after three sessions of declines, as worries over bad weather damaging Russian crops supported prices that hit 10-month highs last week.
Soybean touched a one-month low, weighed down by expectations that the US government would give a positive picture of US conditions later on Monday, the same factor weakening corn.
The Chicago Board of Trade’s most active wheat contract rose 1.3% to $6.87-3/4 a bushel by 1126 GMT. It had hit a 10-month high of $7.20 on Tuesday but fell late last week. Soybeans were down 0.8% at $11.94-3/4 a bushel after touching $11.91 earlier in the session for the weakest level since May 2. Corn fell 0.3% to $4.44-3/4 a bushel.
Forecasts of a smaller Russian wheat harvest after drought and frost supported prices in May. Russian grain exports will fall to 60 million tons in the coming season from 70 million tons this season, Deputy Prime Minister Dmitry Patrushev said on Friday, citing crop damage. “Wheat remains supported by concern bad weather could cause more damage to crops in big exporter Russia,” said StoneX commodity risk manager Matt Ammermann. “Following frosts and drought, high temperatures are forecast for south Russian grain belts with only little rain, which could stress wheat.
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