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Markets

Wheat ticks up after deep losses, trades near 3-week low

SINGAPORE: Chicago wheat gained ground on Monday, recouping some of last session's deep losses, although the market
Published December 24, 2018

SINGAPORE: Chicago wheat gained ground on Monday, recouping some of last session's deep losses, although the market was trading close to its weakest in nearly three weeks on easing concerns over export curbs by top supplier Russia.

Soybeans eased for a fourth consecutive session on pressure from expectations of another year of bumper production in Brazil.

The Chicago Board of Trade most-active wheat contract rose 0.5 percent to $5.16-3/4 a bushel by 0334 GMT after hitting at its weakest since Dec. 6 at $5.11-3/4 a bushel.

Soybeans lost 0.3 percent to $8.82-1/2 a bushel and corn was down 0.1 percent at $3.78 a bushel.

Russia's agriculture ministry lifted its forecast for 2018-19 wheat exports by 2 million tonnes to 37 million tonnes, a move interpreted by traders as another sign that the risk of export restrictions is easing.

Soybean prices are coming under pressure on expectations of a record crop in Brazil, the world's top exporter.

China may purchase another 2 million tonnes of US soybeans in coming days after booking more than 3 million tonnes over the past two weeks.

Copyright Reuters, 2018

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