Wheat rebounds after Egypt purchase; soybeans at near 1 month high

03 Dec, 2012

 

Soybeans also firmed nearly 1.3 percent, after rising to almost a one-month high earlier in the session, on expectations of increased Chinese demand. Corn also gained.

 

Chicago Board of Trade March wheat rose 1.01 percent to $8.72-1/4 a bushel by 0238 GMT, having slipped 2.48 percent on Friday on weak US export figures.

 

"Wheat was sold off quite hard on Friday night on long liquidation and I think we are seeing a bit of correction today," Andrew Woodhouse, grains analyst at Advance Trading Australasia said.

 

"With Egypt buying a large quantity of US wheat after the close on Friday, that's also supporting the market."

 

January soybeans firmed 1.29 percent to $14.57-1/4 a bushel, having hit a session high of $14.62 a bushel, the highest since November 9. Soybeans fell 0.64 percent on Friday.

 

March corn rose 1 percent to $7.60-1/4 a bushel after falling 0.79 percent in the previous session.

 

Copyright Reuters, 2012

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