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Wheat rises for 3rd session on supply concerns; corn, soybeans firm

Chicago wheat futures rose for a third consecutive session on Thursday to trade near a one-week high as concerns over global supplies underpinned the market.

Corn and soybeans edged higher.

“There is a bullish sentiment in global agriculture markets,” said one Singapore-based trader. “Production issues and supply disruptions are supporting prices.”

The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.1% to $7.13 a bushel by 0226 GMT, matching earlier in the day to previous session’s highest since Sept. 8 at $7.15 a bushel.

Soybeans inched 0.2% higher at $12.97-1/4 a bushel and corn rose 0.3% to $5.35-1/4 a bushel.

Tightening global wheat supplies are supporting prices.

Russian farmers are expected to sow less winter wheat this autumn than record levels seen a year ago due to unfavourable weather conditions, a switch to oilseeds in some regions and concerns about the country’s grain export tax, analysts said.

The U.S. Department of Agriculture reported two soybean sales cancellations, including 132,000 tonnes from China and 196,000 tonnes from unknown destinations.

Chinese importers bought four to six bulk cargoes of Brazilian soybeans early this week for shipment in October and November, an unusual purchase during the peak export period for rival supplier the United States, two traders with knowledge of the deals said on Wednesday.

Commodity funds were net buyers of CBOT corn, wheat, soybean and soyoil futures contracts on Wednesday and net sellers of CBOT soymeal, traders said.
Source: Reuters (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)

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