SINGAPORE: Chicago wheat futures gained more ground on Thursday with rising demand from importers underpinning the market, which dropped to its lowest in four months earlier this week.
Soybeans rise from four-year low on bargain-buying, wheat firms
Corn and soybeans ticked higher, although gains were limited due to expectations of favourable crop weather in the US Midwest.
Fundamentals
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The most-active wheat contract on the Chicago Board of Trade (CBOT) added 1.1% to $5.45-1/4 a bushel, as of 0014 GMT, having dropped on Tuesday to $5.25 a bushel, the lowest since March 11.
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Corn rose 0.2% to $4.12-3/4 a bushel and soybeans gained 0.2% at $10.43 a bushel.
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The wheat market is rebounding amid a flurry of global export deals.
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Algeria’s state grains agency bought about 600,000 metric tons of milling wheat in an international tender. And Egypt’s state buyer booked 770,000 metric tons of mostly Russian wheat on Tuesday, its biggest single purchase since 2022.
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Asian wheat buyers, meanwhile, have stepped up purchases in recent weeks, taking cargoes from the Black Sea region.
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CBOT corn and soybean have inched higher but generally favourable crop weather in the Midwest hung over the market, capping gained.
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Ukraine’s grain exports in the 2024/25 July-June season rose to almost 2 million metric tons by July 17 from 1.3 million tons at the same date a season earlier, agriculture ministry data showed on Wednesday.
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Germany’s 2024 wheat crop will fall 6.2% on the year to 20.2 million metric tons, the country’s association of farm cooperatives said in its latest harvest estimate on Wednesday, maintaning its forecasts for a reduced crop this summer.
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Commodity funds were net buyers of CBOT wheat, corn and soymeal futures contracts on Wednesday, net sellers of soyoil futures and net even in soybeans, traders said.
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