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Wheat futures rise after dropping to lowest since September 2021
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U.S. rains, hopes of Black Sea deal extension keep lid on prices
SINGAPORE, March 1 (Reuters) - Chicago wheat futures climbed on Wednesday, recovering from their lowest since September 2021, although rains in parts of the U.S. winter wheat belt and expectations of a renewal of the Black Sea grain export deal curbed the gains.
Corn and soybeans rose for the first time in six sessions.
"Good weather for the U.S. plus continued concerns that U.S. wheat is not competitive on the world market helped to pressure (prices)," Hightower said in a report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.7% at $7.10-1/4 a bushel, as of 0210 GMT, after dropping to its lowest since September 2021 at $7.02-1/2 a bushel on Tuesday. Corn rose 0.4% to $6.32-3/4 a bushel and soybeans gained 0.7% at $14.89-1/4 a bushel.
Optimism over the Russia-Ukraine export deal kept pressure on wheat futures.
Turkey's state grain board, TMO, has provisionally purchased an estimated 790,000 tonnes of wheat in an international tender. Traders said Russian wheat was among the purchases along with some Ukrainian and a range of other origins, especially from other Black Sea countries.
In the soybean market, recently harvested supplies from top producer Brazil weighed on prices.
India is likely to experience heat waves between March and May, especially in the key wheat-producing central and northern states, the weather office said on Tuesday, as the country recorded its highest maximum temperature in February.
Commodity funds were net sellers of CBOT soybean, corn, wheat, soymeal and soyoil futures contracts on Tuesday, traders said. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)
