Wheat futures rose for the first time this week amid speculation that a slump into a bear market will spur demand from importers. Corn and soybeans climbed.
Egypt’s state grain authority bought 180,000 metric tons yesterday in its first international wheat tender for shipment in the season that began June 1. The country is the world’s biggest buyer. U.S. exporters sold about 570,100 tons in the week ended June 5, the most in four months, government data showed yesterday. Futures entered a bear market on June 11 on signs of rising global supplies.
“The market fell enough to start triggering some new export business,” Chad Henderson, the president of Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview. “The market can’t drop every day, so this is probably just a temporary low.”
Wheat futures for July delivery advanced 0.1 percent to close at $5.86 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price touched $5.835, the lowest for a most-active contract since Feb. 11. The grain declined for the fifth straight week, the longest slump since January.
World inventories by the end of May will be 188.6 million tons, the U.S. Department of Agriculture said on June 11. That compared with last month’s estimate of 187.4 million tons.
Corn futures for December delivery rose 0.8 percent to $4.475 a bushel. Yesterday, the price touched $4.3875, the lowest since Feb. 11.
This week, the grain fell 2.5 percent, the fifth straight drop and the longest slump since January. Rain and warm weather forecast in the second half of June boosted the outlook for U.S. yields.
Soybean futures for November delivery rose 0.7 percent to $12.2125 a bushel.