Wheat Advances to One-Month High on Signs of Increasing Demand

Wheat futures advanced to the highest level in almost a month on speculation this year’s slump in prices is attracting buyers of the U.S. crop.

Wheat for May delivery gained as much as 0.9 percent to $7.285 a bushel on the Chicago Board of Trade, the costliest for the most active contract since Feb. 22. Futures were at $7.2675 at 10:07 a.m. Singapore time on a trading volume that was 50 percent above the 100-day average for that time of day.

Japan is planning to buy 76,848 metric tons of U.S. wheat at a tender tomorrow, the agriculture ministry said yesterday. Tunisia is seeking to buy 67,000 tons of soft wheat for delivery in May, the state grains agency said.

“We see a lot of demand for U.S. wheat from importers, which is supporting the market,” Joyce Liu, an analyst at Phillip Futures Pte. said by phone from Singapore today.

Corn for May delivery lost 0.1 percent to $7.28 a bushel in Chicago, while soybeans for delivery in the same month gained 0.7 percent to $14.16 a bushel.

To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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