HAMBURG, June 24 (Reuters): Chicago wheat rose on Monday in bargain-buying after hitting its lowest since April on prospects for good world supplies and as US wheat harvesting gathers speed.
Corn fell and soybeans rose with the impact on US crops of mixed weather with heat and some rain being assessed.
There was also positioning ahead of estimates of grain stocks and US plantings from the US Department of Agriculture (USDA) on Friday.
Chicago Board of Trade most-active wheat rose 0.1 per cent to $5.76-3/4 a bushel at 1107 GMT after falling to $5.72-3/4, the lowest since April 22.
Corn fell 0.1 per cent to $4.34-1/2 a bushel, soybeans rose 0.2 per cent to $11.22-3/4 a bushel.
"Wheat is seeing some buying interests after hitting lows with some concern that the mix of high temperatures and rain in parts of the US could have a negative impact on the USDA crop conditions report due later on Monday," said Matt Ammermann, StoneX commodity risk manager. "But rises are limited by overall positive supply outlooks with the US wheat harvest not likely to have been slowed by rain."
"The debate is weather wheat's rise could be a dead cat bounce in view of the fundamentally good world supply picture."
Fears of weather damage to Russia's harvest helped pushed wheat to 10-month highs in May but the Russian crop weather has improved.
But concern about unfavourable Black Sea weather is not over.
India has imposed limits on wheat stocks traders may hold, and may abolish or cut import taxes on the grain to keep prices low.
"Corn and soybeans are drifting ahead of US grain stocks and planting estimates on Friday," Ammermann said. "There is also debate about if the swings in US weather between heat and rain was good or bad for US soybean and corn crops."
Wheat price rises after hitting its lowest since April
FE Team | Published: June 24, 2024 21:28:52
Wheat price rises after hitting its lowest since April
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