Wheat recovers from five-month low; corn extends gains

Wheat recovers from five-month low; corn extends gains

HAMBURG - Chicago wheat rose on Monday, rebounding after hitting five- month lows last week and boosted by strong import demand and a lack of any more news about the creation a safe shipping corridor for Ukraine’s exports.

Corn and soybeans rose on concerns over hot weather stressing U.S. crops.

Chicago Board of Trade most-active wheat rose 1.7% to $7.90-1/4 a bushel by 1056 GMT, after dropping to its lowest since Feb. 11 on Friday.

Corn climbed 1.1% to $6.10-1/2 a bushel, soybeans rose 1.5% to $13.62-3/4 a bushel.

“Wheat is seeing support today from lack of new details about the talks to set up a safe shipping corridor for Ukraine’s wheat exports and signs of strong import demand following recent price falls,” said Matt Ammermann, StoneX commodity risk manager.

“There are a lot of complex problems to be resolved before any corridor is possible. Even if there is quick agreement, it could be at least one to two months before mines are cleared and shipping from Ukraine can start.”

Brisk import demand included a wheat tender from Egypt's state grains buyer GASC but with its traditional suppliers in the Black Sea region and Europe excluded.

Pakistan was negotiating on Monday about buying 300,000 tonnes of wheat.

“With