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Business

June 20, 2017

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Wheat eases

Wheat eases

SINGAPORE: Chicago wheat futures slid on Monday as the market took a breather after rallying around 5 percent in the last two sessions on the back of dry weather hitting U.S. yields.

Corn gave up 1.3 percent on easing concerns over dryness in the U.S. Midwest, while soybean prices gained for a third straight session on strong demand.

Chicago wheat climbed to its highest in almost a year at $4.68-1/2 a bushel on Friday as dry weather threatened to reduce U.S. spring wheat crop production.

Reports of disappointing yields in early harvesting of hard red winter wheat provided additional support.

"There have been weather concerns for corn as well as spring wheat in the U.S.," said Phin Ziebell, an agribusiness economist at National Australia Bank.

 

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