Chicago wheat turns higher
PARIS/SINGAPORE: Chicago wheat rose on Tuesday to reverse an earlier fall as news of further Ukrainian strikes against Russian targets kept attention on war escalation and offset supply pressure from better-than-expected US crop ratings.
Corn and soybeans rebounded after hitting six-month and seven-week lows, respectively, that were also linked to good crop conditions. The most-active wheat contract on the Chicago Board of Trade (CBOT) ended the overnight trading session up 0.9% at $5.43-3/4 a bushel.
The contract had risen sharply during Monday's session as a Ukrainian drone attack in Russia shifted attention back on the war between the two grain exporters.
Prices pared their gains by Monday's close and then fell earlier on Tuesday as immediate fears of war escalation subsided and higher than anticipated scores for wheat conditions in a weekly US Department of Agriculture crop progress report.
However, news that Ukraine had hit the road and rail bridge linking Russia and the Crimean peninsula, as well as also knocking out power in parts of other Russian-held territory in southern Ukraine, later revived concerns about a hardening conflict between the two grain exporting countries.
'It looks like the Ukrainians are pursuing their attacks,' a European trader said.
Favourable Northern Hemisphere supply prospects, slow international demand and a bounce in the dollar index, which makes US grain dearer overseas, nonetheless kept a lid on wheat prices, traders said.
CBOT corn added 0.9% to $4.42 a bushel, after reaching its lowest since early December at $4.34-1/4 earlier in the session. Soybeans rose 0.6% to $10.39-3/4 a bushel to hold above Monday's seven-week low of $10.32-1/2.
The USDA rated 67% of US soybeans in good to excellent condition in its initial ratings of the 2025 soy crop, while for corn, the agency's rating improved to 69% good-to-excellent.
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