Wheat inches up from near four-month low, Black Sea exports in focus
- Soybeans lost 0.5% to $12.31-3/4 a bushel while corn added 0.2% to $4.52-3/4 a bushel
Wheat prices firmed on bargain buying and Russia's decision to allow grain exports from the Sea of Azov, recovering from a near four-month low, while soybeans fell and corn held steady.
- Russia's decision to allow grain exports from the Sea of Azov.
- Impact of US harvest on soybean and corn prices.
- Wheat market stabilization after Black Sea supply issues.
SINGAPORE: Wheat firmed on Thursday, as bargain buying lifted prices from a near four-month low hit in the previous session after Russia allowed grain export vessels to leave the Sea of Azov for the first time since July 10, boosting supply prospects.
Soybeans slid, while corn was largely unchanged, with both products under pressure from a US harvest that boosted supply.
“The wheat market has already given up much of the gains due to Black Sea supply issues,” said one Australia-based trader.
“We think the market is just trying stabilise at the current levels.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.1% to $5.99-1/2 a bushel, as of 0329 GMT, having hit its lowest since early July on Wednesday.
EU soft wheat area drop for next harvest
Soybeans lost 0.5% to $12.31-3/4 a bushel while corn added 0.2% to $4.52-3/4 a bushel.
Russian authorities have issued permits for vessels carrying grain for export to leave the Sea of Azov for the first time since July 10, when they closed maritime traffic in the area due to Ukrainian drone attacks.
The permits to pass through the Kerch Strait, which links the Sea of Azov and the Black Sea, would be issued for a period through November 15, sources told Reuters.
Two sources said a Russian naval convoy would accompany the vessels through the Black Sea. Ample US harvest supplies continued to weigh on CBOT soybean and corn prices.
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