SINGAPORE- Chicago wheat bounced off a two-month low to rise for the first time in four sessions on Thursday, although a US government forecast of higher world supplies limited gains, while corn and soybeans lost ground.
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.1 percent to $8.07 a bushel, after dropping to its lowest since Sept. 6 at $8.05-1/4 a bushel.
Corn lost 0.1 percent to $6.63-1/2 a bushel and soybeans gave up 0.1 percent to $14.50-/4 a bushel.
The US Department of Agriculture (USDA), in its monthly supply-demand report, estimated world wheat stocks at 267.82 million tons, up slightly from its October outlook of 267.54 million. Analysts had expected a small drop to 266.52 million.
“The uncertainty over whether or not Russia will extend the export corridor deal beyond Nov. 19 deadline may help provide some support,” Hightower said in a report. – Reuters
