PARIS/SINGAPORE: Chicago wheat futures rose on Thursday for a second straight session as steady international demand and rising export prices underpinned the market.
Corn and soybeans steadied after being pressured on Wednesday by an advancing US harvest.
Grain markets were awaiting weekly US export sales later on Thursday while also turning their attention to next week’s monthly US Department of Agriculture supply and demand forecasts.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) was up 0.7% at $7.51-1/2 a bushel by 1206 GMT.
A run of tenders by importing countries has been absorbing supplies from Europe and the Black Sea region, fuelling speculation that Russia could add further curbs on exports as it battles domestic inflation.
Wheat eases after strong rally, supply worries cap losses
“Chicago price strength is driven by tightness in Black Sea supplies,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
CBOT corn added 0.4% to $5.34-1/4 a bushel, recovering from a one-week low earlier in the session. Soybeans were up 0.3% at $12.46 a bushel, consolidating near a 2021 low struck this week.
Gains in corn and soybean futures were checked by freshly harvested US supplies.
“The weather has been favourable for good progress in cutting in the Corn Belt, while yields have held up well so far,” consultancy Agritel said in a note.