SINGAPORE — Chicago wheat futures retreated on Thursday after six straight sessions of gains, although losses were limited by concerns over dry weather curbing yields in top exporters Russia and the United States.
Corn lost 1.2% and soybeans slid.
“The weather situation is not good, it has been really hot and dry in the United States,” said Phin Ziebell, an agribusiness economist at National Australia Bank in Melbourne.
“But for now, we feel the supply situation has been factored into the market.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 1% to $7.03-3/4 a bushel, as of 0238 GMT. Corn lost 1.2% to $5.61-1/2 a bushel and soybeans gave up 0.9% to $13.77 a bushel.
The wheat market is being underpinned by crop concerns in North America and the Black Sea region.
Russia’s agriculture ministry said yields from the harvest of the country’s wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes per hectare a year earlier.
Commodity funds were net buyers of CBOT corn, wheat and soymeal contracts on Wednesday, traders said. They were net sellers of soyoil and even in soybeans. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)