PARIS/SINGAPORE, May 23 (Reuters): Chicago wheat consolidated on Thursday following a 10-month peak a day earlier as traders assessed rain forecasts in Russia to see if crop conditions in the world's top exporter may stabilise after drought and frost damage.
Corn and soybeans edged up, supported by doubts over South American production and what were seen as attractive prices compared with wheat.
Grain markets were also awaiting weekly US export sales data for a gauge of overseas demand.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.1 per cent at $6.93-3/4 a bushel by 1130 GMT.
On Wednesday, the contract had climbed to its highest since last July at $7.16-3/4 before turning lower to close under the psychological $7 threshold.
Reduced forecasts for Russia's wheat crop have fuelled a steep rally this month, while also drawing attention to adverse weather in other major producers like Ukraine, Australia and France.
Wheat pauses after rally
FE Team | Published: May 23, 2024 23:36:22
Wheat pauses after rally
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