March 17, 2014
Extending two-day gains to nearly 3% as political tensions in Ukraine clouded the outlook for supply, US wheat futures rose more than 0.5% on Monday (Mar 10).
Chicago Board of Trade May wheat climbed 0.73% to US$254 per tonne, having closed up 2.6% on Friday (Mar 14).
May soy fell 0.18% to US$509 per tonne, having edged lower on Friday. May corn dropped 0.21% to US$191 per tonne after sliding 0.5% in the previous session.
Wheat was also supported by dry weather across the US Plains, analysts said.
The ongoing harvest of a large soy crop in Brazil is pushing supplies higher even as demand from China, the top buyer of soy, is weakening.
China is likely to stockpile 60 million tonnes of corn by the end of April, the China National Grain and Oils Information Centre (CNGOIC) said in a report on Friday. The levels were higher than earlier expected as outbreaks of bird flu hurt domestic demand for feed grain, prompting farmers to sell more to the government.