SINGAPORE: Chicago wheat gained more ground on Wednesday, with the market underpinned by strong demand and downgrades of the French crop, although ample world supplies limited the upside in prices.

Corn and soybeans slid with expectations of near-record US output.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $5.44-1/2 a bushel, as of 0312 GMT.

Corn gave up 0.7% to $4.02-1/2 a bushel and soybeans lost 0.8% to $10.18-1/4 a bushel.

Egypt’s state grains buyer, the General Authority for Supply Commodities, announced on Tuesday a massive tender for 3.8 million metric tons of wheat to cover imports between October 2024 and April 2025, its largest according to traders.

On the supply front, this year’s soft wheat crop in France, the European Union’s biggest producer, is expected to shrink to its lowest level in 41 years at 25.17 million metric tons after heavy rain slashed both the crop area and yields, Argus Media said on Tuesday.

Chicago grains ease on good crop conditions and steadier dollar

Expectations of a bumper US harvest added pressure on corn futures and dismal global oilseed demand capped soybean prices. Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Tuesday, traders said.

Funds were net buyers of CBOT wheat futures, they said.