BLBG:Wheat Gains as Russian Shipments Begin to Slow; Soybeans Drop
Wheat advanced for the first time in five days on signs supplies from the Black Sea region are drying up, boosting demand for U.S. grains.
Wheat for delivery in March climbed 0.3 percent to $8.6625 a bushel on the Chicago Board of Trade at 4:17 p.m. Singapore time, ending the longest losing streak since October.
Grain exports from Russia, last year’s largest wheat shipper after the U.S. and Australia, are slowing as high domestic prices made shipments unprofitable, Arkady Zlochevsky, president of Russia’s Grain Union, said yesterday.
“The sentiment in the world market remains bullish, buoyed by poor export supply prospects from the Black Sea region and deteriorating prospects for Southern Hemisphere origins -- Australia and Argentina,” Abah Ofon, an analyst at Standard Chartered Plc, said in a report today.
Corn for March delivery was little changed at $7.285 a bushel after rising for two days.
Nonghyup Feed Inc., South Korea’s biggest feed-grain buyer, purchased 139,000 metric tons of corn in a tender this week, Lee Tae Woong, deputy general manager at the company’s foreign trade department, said today.
Soybeans for January delivery retreated as much as 0.8 percent to $14.08 a bushel in Chicago, erasing an advance of 0.6 percent. Futures last traded at $14.12 a bushel.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
