SINGAPORE: Chicago wheat rose on Thursday, recouping some of the losses from the previous session, but the upside potential for prices is likely to be limited by abundant global supplies and improving weather in the United States.
Soybeans were nearly flat, with the market torn between support from higher oil prices and pressure from lack of Chinese demand.
basics
– The most active wheat trade on the Chicago Board of Trade (CBOT) rose 0.3% to $5.69-1/2 a bushel as of 0115 GMT, and closed 1% lower on Wednesday.
*Soybeans rose 1/4 cent to $11.69-3/4 a bushel, and corn rose 0.1% to $4.44 a bushel.
* Rains in the U.S. winter wheat belt and parts of the U.S. Midwest provide ideal weather for wheat crops emerging from dormancy, boosting prospects for crop production in a well-supplied global market.
*Uncertainty about further Chinese demand for U.S. soybeans is weighing on prices, as many market participants are skeptical about China purchasing additional U.S. soybeans amid Brazil’s bumper harvest.
* Soybean prices rose earlier this week to their highest since mid-June, boosted by rising oil prices and escalating conflict in the Middle East.
*The corn market continued to be supported by strong US exports. The U.S. Department of Agriculture confirmed that 196,000 tons of U.S. corn was sold privately for shipment to unknown destinations in the 2025/26 marketing year.
market news
* U.S. and European stocks rose on Wednesday as oil prices took a break from two days of dramatic increases and soaring cryptocurrencies encouraged investors to take risks while closely monitoring wars in the Middle East.
Data/Events 0930 UK S&P Global PMI: MSC Composite – Output February 1330 US Imports Price YY January 1330 US First Time Unemployment February 28, w/e (Reporting by Naveen Thukral; Editing by Sumana Nandy)
