SINGAPORE: Chicago soybean futures gained more ground on Wednesday, climbing to a three-week high, as strong demand in the US domestic market underpinned prices.

Wheat rose for the first time in three sessions on bargain buying, although ample supplies from the Black Sea region limited the gains.

“There is some buying opportunity in wheat, given the decline in prices,” said one Singapore-based trader.

“China has been actively taking cargoes from Australia and other origins.”

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.9% at $13.08-3/4 a bushel, as of 0344 GMT, after rising earlier in the session to $13.09-3/4 a bushel, the highest since Sept. 27.

Wheat gained 1.4% at $5.78-1/4 a bushel and corn rose 0.8% to $4.93 a bushel.

Soybeans hold firm with US harvest and demand in focus

Industry data released on Monday showed monthly US soybean crush at its highest-ever level for September, and end-of-month soyoil stocks at their lowest in nearly nine years.

For wheat, rising exports from Russia, the world’s biggest shipper, continue to weigh on prices.

Indian wheat prices surged to an eight-month high on Tuesday, propelled by strong demand for big festivals, limited supplies and as import duty makes overseas buying unfeasible for domestic flour mills.

The increasing prices may prompt the government to release more stocks from inventories and eliminate import duties on the cereal to bolster supplies and control prices ahead of important state assembly elections and a general election next year.

Rising wheat prices could contribute to food inflation. Commodity funds were net sellers of CBOT wheat, corn and soyoil futures contracts on Tuesday and net buyers of soybean and soymeal futures, traders said.