Chicago wheat recovers from 4-month low

Chicago, June 28 (Reuters): Chicago wheat futures rose on Tuesday, supported by short-covering and bargain hunting after falling to a four-month low in the previous session as ongoing winter harvest was ahead of expectations.

Corn and soybeans both edged up.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 1.58 per cent to $9.32 a bushel. The market fell to its lowest since February on Monday, pressured by the expanding harvest of winter wheat in the Northern Hemisphere and a lack of demand for US supplies.

Corn Cv1 climbed 1 per cent to $6.59-1/2 a bushel and soybeans Sv1 edged up 0.87 per cent to $14.45-1/4 a bushel.

"Wheat harvest in the northern hemisphere and positive expectation on clearing grains passage from the Black Sea region," were the main things currently underlining the CBOT wheat prices, a China-based trader said.

"Prices dropped yesterday and buyers went in," said the trader, explaining the rise on Tuesday.

The market remained positive about the prospect of getting grains shipped out of the Black Sea Region as the global community held talks and expressed willingness to facilitate clearing the exporting passage, after the Russia-Ukraine war blocked trade.

"If the negotiations went well, (grains) prices will keep falling. Otherwise, they would fluctuate at high levels," another Chinese trader said.

The US Department of Agriculture (USDA) cut its rating of the country's corn crop in good-to-excellent shape to 67 per cent in its weekly crop progress report, down 3 per centage points from a week ago. Its US soybean crop rating also fell by 3 per centage points to 65 per cent good to excellent, according to the report.