Chicago wheat futures gained more ground on Tuesday, with the market climbing for a fourth consecutive session, as tightening global supplies underpinned the market.

Soybeans hit a one-week high, although gained were limited by ample supplies for rapidly advancing U.S. harvest.

Chicago wheat futures gained more ground on Tuesday, with the market climbing for a fourth consecutive session, as tightening global supplies underpinned the market.

Soybeans hit a one-week high, although gained were limited by ample supplies for rapidly advancing U.S. harvest.

Soybeans added 0.3% to $12.25 a bushel, after climbing to $12.26 a bushel earlier in the session, their highest since Oct. 12. Corn fell 0.3% to $5.31-1/4 a bushel.

Russian wheat export prices were stable last week after 13 weeks of consecutive growth, the IKAR agriculture consultancy said in a note on Monday.

Russia, the top global wheat exporter, may increase its wheat crop to 80.7 million tonnes in 2022 from 75.5 million tonnes in 2021, Sovecon, one of the leading agriculture consultancies in Moscow, said in a note.

China’s wheat imports in September plunged from the previous year, customs data showed on Monday, as elevated international wheat prices and falling domestic corn prices curbed demand for overseas shipments.

China brought in 640,000 tonnes of wheat in September, down 44.8% from a year earlier, data from the General Administration of Customs showed, as international cargoes lost price advantage, traders said.

Fresh supplies from U.S. harvest continue to weigh on prices.

The U.S. soybean harvest was 60% complete as of Sunday, the U.S. Department of Agriculture (USDA) said in a weekly crop progress report on Monday, ahead of the five-year average of 55% but behind the average estimate in a Reuters analyst poll.

Analysts surveyed by Reuters on average had expected soybean harvest progress to reach 62%.

The U.S. corn crop was 52% harvested, the USDA said, ahead of the five-year average of 41% but behind the average analyst expectation of 54%.

Commodity funds were net buyers of CBOT corn, soyoil, soybean, soymeal and wheat futures contracts on Monday, traders said.
Source: Reuters (Reporting by Naveen Thukral; Editing by Rashmi Aich)