Wheat, corn and soybeans steady

Chicago wheat, corn and soybean futures edged up in early trade on Thursday, steadying after losses in the previous session caused by favourable US crop conditions, but prevailing caution in the market capped further gains, reports Reuters.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.45% at $5.64 a bushel by 0231 GMT, after falling 1.83% on Wednesday, its lowest since April 19.

CBOT corn rose 0.55% to $4.09-1/2 a bushel, after hitting a two-week low in the previous session while soybeans was up 0.26% to $10.69-3/4 a bushel, after falling to its lowest since November 2020.

"Chicago wheat came under further pressure over the past two days, this is a result of improving crop conditions in the US… Short positions have also been increased in recent weeks, causing some downward pressure as well," said Andrew Whitelaw, analyst at Australian agricultural consultancy Episode 3.

The increase was marginal and wheat is likely to trade in a narrow range over the coming days, he added.

Traders expect the US Department of Agriculture will increase its ending stocks and production estimates for US corn in a monthly supply/demand report on Friday. China has booked its first purchases of US soybeans for the 2024/25 marketing year, buying 132,000 metric tons of the oilseed, the US Department of Agriculture confirmed in a sales announcement on Wednesday.