SINGAPORE: Chicago wheat futures rose for a second session on Monday as Egypt's purchase of U.S. cargoes in a tender boosted expectations of higher demand for North American supplies.
Soybeans lost more ground as the Washington-Beijing trade war continues to curb Chinese demand for U.S. supplies.
The most-active wheat contract on the Chicago Board Of Trade gained 0.6 percent to $5.10-1/2 a bushel, as of 0419 GMT.
In the previous session it climbed to highest since Nov. 13 at $5.16 a bushel.
Soybeans lost 0.4 percent to $8.77-1/4 a bushel, having closed down 0.2 percent on Friday and corn was unchanged at $3.59 a bushel, having closed 0.8 percent lower on Friday.
"Demand for U.S. wheat is picking up and there was some U.S. wheat sold to Egypt which is supporting prices," said one Singapore-based grains trader.
"Buyers are expected to turn to U.S. wheat in the coming months as supplies tighten in the Black Sea area."
Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 240,000 tonnes of wheat in an international purchasing tender on Thursday, with half of that coming from the United States.
Egypt also bought 60,000 tonnes of Russian wheat and 60,000 tonnes of Romanian wheat in the tender, which closed when U.S. markets were shut for the Thanksgiving holiday.
Soybeans were under pressure amid fears of a prolonged trade war between the United States and China.
China is the world's largest soybean importer, and the oil seed is the largest U.S. agricultural export to the Asian country.
However, retaliatory Chinese tariffs against U.S. soybeans have stalled trade, threatening to leave a bumper U.S. harvest piled up in storage or rotting in fields.
China has been buying Brazilian soybeans during the trade war and may be able to continue avoiding U.S. soy due to an early harvest in South America.
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