US wheat rose for the third straight session on Friday on fears of tightening global supplies and expectations of a curb on exports from the Black Sea region. Soyabeans advanced on firm cash markets and talk of continued export demand, while corn was flat, underpinned by tight supplies following this summer's historic US drought.
At the Chicago Board of Trade, as of 11:30 a.m. CDT (1630 GMT), September wheat was up 6-3/4 cents, or 0.8 percent, at $8.68-1/2 per bushel, with profit-taking paring early gains. Most-active November soyabeans were up 10 cents at $16.35-1/42 a bushel, while December corn was down 1 cent at $8.06-1/2 a bushel.
Wheat led the advances on concerns about tightening global supplies, with drought in Russia and Australia in the spotlight. "People are saying the Russian spring what crop is getting smaller by the day. That has fuelled some buying in wheat and could be bullish in the long run," said Brian Basting of Advance Trading in Bloomington, Illinois.
Comments
Comments are closed.