SINGAPORE- Chicago wheat edged higher on Tuesday, as the market took a breather after dropping to its lowest since late May in the last session, with large supplies from Russia weighing on prices.
Soybeans inched lower, while corn was almost flat as traders adjusted their positions ahead of a key US government world supply-demand report due later in the day.
“The US agriculture department report is expected show lower output in the US but overall the world is well supplied with South American corn and beans,” a Singapore-based trader said.
The most-active active wheat contract on the Chicago Board of Trade (CBOT) was up 0.3 percent at $5.86-1/2 a bushel. Corn was unchanged at $4.85-3/4 a bushel and soybeans lost 0.2 percent to $13.66-1/2 a bushel.
Russian wheat export prices inched lower last week, tracking global benchmarks, as analysts continue to raise crop and export forecasts for this season. – Reuters
