Wheat futures set for biggest weekly loss in 6 months

SINGAPORE: Chicago wheat futures edged higher on Friday, but the market is on track for its biggest weekly decline in six months as ample supplies from the Black Sea region weighed on prices.

Soybeans and corn ticked up, recouping some of recent losses with both markets set to end the week in a negative territory.

“At the moment, there are ample supplies of wheat in the market from last year’s record Russian crop,” a Singapore-based trader said. “We have to see how the US winter crop shapes up for supplies in the second half of the year.”

The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.4 per cent at $7.50-1/2 a bushel, as of 0309 GMT.

Soybeansadded0.5percentto$14.78-1/4abushel and corn rose 0.5 per cent to $6.55-3/4 a bushel.

For the week, wheat is down 5.3 per cent, its biggest since July 15, soybeans have lost 3 per cent, the most since end-september and corn has dropped 3.4 per cent, its biggest decline since early December.

Forwheat,theavailabilityofabundantlow-priced supplies from Russia and Ukraine are giving stiff competition to other global exporters, traders said.

Recent rains boosted 2022/23 soybean plantings ater delays resulting from a severe drought, the Buenos Aires grains exchange said.

Upcoming showers will reduce the stress on crops in southern and western areas, Commodity Weather Group said.

Commodity funds were net sellers of CBOT soybean, corn and soyoil futures contracts on Thursday and net buyers of soymeal and wheat futures, traders said.