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Wheat Gains as Slump Lures Buyers Amid Crop Delay; Corn Advances

July 8 (Bloomberg) -- Wheat advanced on speculation that this year’s 15 percent slump may lure importers after rains delayed the harvest in the U.S., the world’s largest shipper.

Exporters in the U.S. sold 120,000 metric tons of soft red winter wheat to China for delivery in the 12 months that end May 31, the U.S. Department of Agriculture said July 5. The agency also announced a sale of 360,000 tons to China on July 3. About 43 percent of the winter-wheat crop was harvested as of June 30, down from 73 percent a year earlier, and an average of 52 percent in the previous five years, the USDA said July 1. The agency will update its weekly crop progress report today.

“Rains had delayed harvesting of winter wheat,” said Joyce Liu, an analyst at Phillip Futures Pte in Singapore. “This has an implication on the minor soybean crop that can be immediately planted after the harvesting of winter-wheat.”

Wheat for September delivery gained 0.3 percent to $6.6175 a bushel by 6:24 a.m. on the Chicago Board of Trade. Futures traded on volume that was 65 percent below the average for the past 100 days for that time of day, according to data compiled by Bloomberg. In Paris, milling wheat for November delivery fell 0.6 percent to 193.50 euros ($248.55) a ton on NYSE Liffe.

Soybeans for November delivery climbed 0.6 percent to $12.355 a bushel in Chicago. Corn for December delivery gained 0.6 percent to $4.94 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: Claudia Carpenter at ccarpenter2@bloomberg.net

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