Wheat Climbs After Three-Day Loss; Corn Edges Up
CHICAGO--Grain futures rebounded slightly Tuesday, lifted by demand hopes for some crops. Soybeans were mixed.
Wheat prices closed higher for the first time in four sessions, bolstered in part by an international tender by Egypt, the world's largest grain buyer, which fueled optimism over world demand for the crop. Prices for wheat have fallen recently due to huge grain supplies in the U.S. and overseas. At the same time, a stronger U.S. dollar has limited U.S. wheat exports by making them more expensive for foreign importers.
Wheat futures for December rose 1 3/4 cents, or 0.4%, to $4.04 1/4 a bushel at the Chicago Board of Trade. Prices for the grain fell almost 3% on Monday.
Corn prices also ticked higher, shored up in part by rising wheat prices. The two grains often trade in tandem and compete for space in animal-feed rations. Still, gains in the market were capped by big domestic corn inventories and data showing the U.S. harvest has caught up to normal pace after lagging earlier in the season. According to the U.S. Department of Agriculture, the nation's corn harvest is 61% complete, which is nearly on par with the average pace of 62% for the past five years.
CBOT December corn added 1 cent, or 0.3%, to $3.49 1/4 a bushel.
Soybean prices were mixed, with nearby contracts easing off a six-week high posted Monday despite ongoing signs of strong demand for the crop. The USDA on Tuesday said private exporters booked sales of 516,000 metric tons of soybeans for delivery to China during the 2016-17 crop year, signaling continued robust appetite for U.S. supplies of the oilseeds.
Still, falling prices for soyoil weighed on the soybean market. Rising prices for the vegetable oil have recently helped prop up soybean prices, but a 0.5% decline in soyoil prices on Tuesday allowed soybeans to leak lower too.
CBOT November soybeans slipped 1 1/4 cents, or 0.1%, to $9.90 3/4 a bushel. January-dated futures were flat while March-dated futures inched higher.
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