CHICAGO – US wheat futures rose on Monday, snaping a three-session losing streak in a round of bargain buying as traders await 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.
At 11:16 am CDT (1616 GMT), the Chicago Board of Trade increased the price of soft red winter wheat for July delivery by 21-1 / 2 cents to 90 11.90-1 / 4 bushels.
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.
CBOT July corn was 6 cents higher at 8 7.84-3 / 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 Soybean prices were down 17-1 / 4 cents at .8 16.88 per bushel. Prices hit 17.20, their highest overnight since April 22nd.
The July deal faced technical resistance at the top of its 20-day Bollinger Range, it has not traded above 24 March. By Shuvrangshu Sahu, Mark Potter and Grant McCull)