Chicago Board of Trade corn and soyabean futures rose on Tuesday, supported by a round of bargain buying after prices for both commodities fell to their lowest levels since late June, traders said. Wheat remained weak, with the front-month contract on track for its sixth straight lower close on poor export demand for US supplies.
Firm cash markets lent further support to corn and soyabeans. Country movement has slowed in recent days as the weakness in the futures market cut into prices being offered to farmers. Concerns about crop development also supported corn and soyabeans despite a US Agriculture Department report on Monday afternoon that showed crop ratings had stabilised in the most recent week.
CBOT August soyabeans were up 8 cents at $10.15-3/4 a bushel at 10:53 a.m. CDT (1553 GMT). CBOT September corn was 3-1/4 cents higher at $4.08-1/4 a bushel. CBOT September soft red winter wheat futures dropped 3/4 cent to $5.32 a bushel, with deferred contracts posting bigger losses. Egypt's General Authority for Supply Commodities set a tender on Monday to buy an unspecified amount of wheat for shipment September 1-10. The market expects suppliers in Europe or the Black Sea region to win the tender as they have in the past.
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