CHICAGO – US wheat futures rose on Monday, breaking a three-session losing streak in a round of bargain buying as traders waited for the latest assessment of crop health.
EFG Group Commodity Broker Tom Fritz said: “This is a bounce back from last week’s push. “We still have production concerns, we have planting concerns in the north. Wheat tight. That won’t go away any time soon. “
Wheat gains attracted more maize, which was also boosted by signs of strong export demand.
But soybean futures fell into technical disarray after the highest price drop in more than a month in an overnight trading session.
Traders said falling soybean prices have put pressure on soybeans.
The price of soft red winter wheat for Chicago Board of Trade July delivery rose 21-1 / 4 cents to 90 11.90 per bushel.
Following the announcement of India’s export ban a week ago, wheat prices bounced back from the middle of the week as India appears to be easing its sanctions, while the weather forecast shows rain for the drought-stricken US and French growing belts.
“Traders (USDA) will see the crop ratings released this evening,” said consultant Agritel Wheat. “In France, current storms are welcome, but do not preclude the risk of declining productivity,” Agritel notes.
Analysts had hoped that the USDA report would show that 28% of the US wheat crop had a good to great rate, up 1 percentage point from a week earlier but still at a record low.
CBOT July corn rose 7-1 / 2 cents to $ 7.86-1 / 4 bushels.
A USDA report found that the corn export inspection for the week ended May 19 was 1.699 million tonnes larger than expected, up 60% from a week earlier.
CBOT July soybeans were 18-1 / 4 cents lower at .8 16.87 per bushel. Prices hit 17.20, their highest overnight since April 22nd. (Reporting by Mark Waynerab in Chicago; Gas Trumpes in Paris and Rajendra Yadav’s additional reporting in Mumbai Edited by Shuvrangshu Sahu, Mark Potter, Grant McCull and Richard Chang)