Wheat highest in almost 9 years on supply worry; soybeans, corn firm

HAMBURG, Nov 22 (Reuters) – Chicago wheat futures rose to their highest level in around nine years on Monday as shrinking supplies in top global exporters underpinned the market.

Soybeans and corn also rose, gaining some spillover support from wheat.

“There is problem in getting good-quality wheat,” said one Singapore-based trader at an international trading company. “Uncertainty over Russian supplies and rains in Australia are casing concerns.”

The Chicago Board Of Trade most-active wheat contract was up 1.9 percent at US$8.50-1/2 a bushel at 1024 GMT, near Monday’s peak of US$8.53-3/4 a bushel – the highest since December 2012.

Euronext European wheat futures in Paris hit new record highs on Monday.

Wheat also rose strongly Friday on global supply fears.

Chicago soybeans inched up 0.01 percent to US$12.63-1/2 a bushel, corn rose 0.3 percent to US$5.72-3/4 a bushel.

The International Grains Council last week cut its forecast for 2021/22 global wheat production, underscoring concerns over dwindling stocks.

Heavy rains in Australia have added to supply worries by threatening to damage what has been forecast as a bumper harvest that would help replenish export availability.

For the soybean market, slowing demand in the world’s biggest importer, China, curbed gains. China’s October soybean imports from the United States fell sharply from the previous year, customs data showed on Sunday.

China brought in 775,331 tonnes of U.S. soybeans in October, down 77 percent from 3.4 million tonnes a year earlier, according to data released from the General Administration of Customs.