Wheat recovers from 6-month low; soybeans, corn ease

Wheat recovers from 6-month low; soybeans, corn ease

SINGAPORE - Chicago wheat futures edged higher on Thursday, with prices rising form their lowest in six months on bargain-buying, although pressure from newly harvested supplies capped gains.

Soybeans and corn ticked lower on forecasts of improved U.S. Midwest weather for crops, which have suffered from intense heat in recent weeks.

The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.7% to $7.69 a bushel, as of 0440 GMT, after dropping on Wednesday to its lowest since early February at $7.52 a bushel.

Soybeans lost 0.3% to $13.65-1/2 a bushel and corn gave up 0.6% to $5.92-3/4 a bushel.

The wheat market came under pressure this week, as fresh supplies from the Northern Hemisphere entered the market.

The first grain vessel to leave a Ukrainian sea port since the start of the war was inspected in Turkey on Wednesday before its onward journey to Lebanon, but Ukrainian President Volodymr Zelenskiy said this was only a fraction of what Kyiv needed to export.

Romania's wheat harvest is large enough to cover its domestic needs and ensure a surplus for exports, Agriculture Minister Petre Daea said on Wednesday, with 96% of the crop reaped so far.

High temperatures and prolonged drought have affected crops, particularly maize