Wheat firms, dismal demand curbs gains; corn, soybeans ease

Chicago wheat futures edged higher on Thursday, recouping some of the previous session’s losses, although gains were limited by a lack of demand in international markets at the year’s end.

Corn and soybeans lost ground with improved weather in Brazil weighing on prices.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 0.6% to $6.26-1/2 a bushel, as of 0514 GMT. Corn Cv1 fell 0.2% to $4.75-3/4 a bushel and soybeans Sv1 lost 0.1% to $13.19 a bushel.

Wheat prices fell more than 2% on Wednesday amid weak demand in the physical market.

For soybeans and corn, weather charts showed uneven showers in the week ahead in dry parts of central and northern Brazil, before widespread heavy rain expected in early January.

Precipitation in the coming weeks will also influence corn crop yields in the upcoming first-crop harvest and impact planting prospects for the larger second crop in Brazil.

Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Wednesday, and net buyers of soybeans and soyoil futures contracts, traders said.

Tags: prices, soybeans, wheat, futures, corn