Chicago wheat recovers from one-month low

SINGAPORE: Chicago wheat futures rose on Tuesday, recovering from its lowest level since early May on bargain-buying, although pressure from the expanding northern hemisphere harvest and Turkey’s import ban limited the upside in prices.

Soybeans slid, giving up some of the last session’s gains, while corn edged higher. “The wheat market is going to see some downward trends, as supplies from freshly harvested crops are entering the market,” a grains trader in Singapore said. “For corn and beans, US crop weather is key for price direction.” The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.6% at $6.11 a bushel, as of 0350 GMT, having dropped to its weakest since May 3 to $6.05-1/2 a bushel earlier on Tuesday.