Wheat peaks 9 years due to supply issues; soybean, firm corn

  • Tight global supplies push wheat to its highest level since 2012
  • Chicago soybeans, corn climbs for the 1st time in three sessions

SINGAPORE, Nov. 22 (Reuters) – Chicago wheat futures rose 1.2% on Monday to their highest level in nine years, as supply squeezes from major global exporters supported the market .

Soybeans and corn increased for the first time in three sessions.

“It’s hard to get good quality wheat,” said a Singapore-based trader at an international trading company.

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“The uncertainty over Russian supplies and the rains in Australia are concerns. “

The most active wheat contract on the Chicago Board Of Trade (CBOT) was up 1.1% to $ 8.43 -1 / 2 a bushel at 4:10 a.m. GMT near the session high of 8.46 $ per bushel – highest since December 2012. Wheat closed. 1.7% more Friday.

Soybeans added 0.1% to $ 12.64-3 / 4 a bushel and corn was up 0.2% to $ 5.71-3 / 4 a bushel.

The International Grains Council lowered its forecast for world wheat production for 2021/22 last week, highlighting concerns over dwindling stocks.

Heavy rains in Australia have added to concerns over the supply by threatening to damage what has been predicted as a bumper crop that would help replenish export supplies.

For the soybean market, slowing demand from the world’s largest importer, China, held back gains. China’s October soybean imports from the United States fell sharply from a year earlier, customs data showed on Sunday, hit by weak demand and limited exports.

China imported 775,331 tonnes of US soybeans in October, down 77 percent from 3.4 million tonnes a year earlier, according to data released by the General Administration of Customs.

Major speculators increased their net long position in CBOT corn futures during the week ended November 16, according to regulatory data released on Friday.

The Commodity Futures Trading Commission’s Weekly Trader Commitment Report also showed that non-trading traders, a category that includes hedge funds, reduced their net short position in CBOT wheat and their net short position in soybeans.

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Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips

Our Standards: Thomson Reuters Trust Principles.

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