SINGAPORE- Chicago wheat climbed 1.7 percent on Monday as bargain-hunting supported prices after the market dropped more than 6 percent in the previous session to a three-year low on data pegging US wheat production above expectations.
Soybeans lost more ground, while corn ticked higher with US harvest likely to weigh on prices of both products.
“US wheat crop is now bigger than what was expected,” a Singapore-based trader said. “It is likely to be bearish for the wheat market given the fact that Ukraine is able to export wheat through sea route despite Russian attacks.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 1.7 percent to $5.50-3/4 a bushel, after dropping on Friday to $5.40 a bushel, its lowest since September 2020.
Soybeans gave up 0.5 percent to $12.68-1/4 a bushel and corn added 0.5 percent to $4.79 a bushel.
The US Department of Agriculture (USDA) estimated the nation’s now completed wheat harvest at 1.812 billion bushels, 78 million bushels bigger than a previous estimate and significantly above the average analyst forecast of 1.729 billion bushels in a Reuters poll. .-Reuters
