Wheat prices inch up from 7-month low, but soybeans edge down

SYDNEY: US wheat futures on Thursday inched further away from a seven-month low touched in the previous session, but gains were checked as North American supply struggled to attract strong international demand.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade were up 0.4 percent at $4.82-1/2 a bushel by 0157 GMT. They closed down 1.8 percent on Wednesday, when prices hit their lowest since July 12 at $4.75-3/4 a bushel.

* The most active soybean futures were down 0.1 percent at $9.01-1/2 a bushel. They firmed 0.2 percent on Wednesday in a session when prices marked their weakest since Jan. 16 at $8.93-1/4 a bushel.

* The most active corn futures were up 0.36 percent at$7.53-3/4. They gained 0.3 percent in the previous session after touching their lowest since Nov. 28 at $3.68-1/2 a bushel.

* US wheat has been uncompetitive in global export markets. Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), on Wednesday said it had bought 180,000 tonnes of French wheat, 60,000 tonnes of Romanian wheat, 60,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat.

* China's agriculture ministry said on Wednesday it has confirmed the country's ongoing African swine fever outbreak continues to spread across the nation, hitting the major livestock production province of Shandong in the east for the first time. Soybeans are often used to make animal feed ingredient soymeal.

MARKET NEWS

* The dollar held gains on Thursday after minutes from the Federal Reserve's last meeting revived expectations for a possible US rate hike this year, while investors shifted their focus back to trade issues for fresh directional cues.

* Oil prices hovered just below 2019 highs on Thursday, bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran.