By Naveen Thukral
SINGAPORE, Oct 29 (Reuters) – Chicago wheat futures gained more ground on Friday, with the market on track for its biggest monthly rise since April, underpinned by strong demand and tightening world supplies.
Corn is poised to end October with gains, while soybeans are down for sixth month in a row.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) Wv1 added 0.7% at $7.78 a bushel by 0314 GMT, closing up 1.7% on Thursday when prices hit a 2013 high of $7.80 a bushel.
Wheat is up more than 7% for the month, its best performance since April.
Soybeans Sv1 have lost around 0.5% in October and corn Cv1 has added more than 5% this month.
Russia will harvest more than 123 million tonnes of grain after drying and cleaning in 2021, the agriculture minister said on Thursday, cutting the official estimate after months of being more positive about the crop than main analysts have been.
Argentina’s 2021/22 wheat crop is expected at 19.8 million tonnes, the Buenos Aires Grains Exchange said in a report, citing recent rains as its reason for increasing its previous 19.2 million tonne estimate.
Commodity funds were net buyers of CBOT wheat and corn futures contracts and net sellers of soybean and soyoil contracts on Thursday, traders said. They were even in soymeal. COMFUND/CBT
(Reporting by Naveen Thukral; Editing by Rashmi Aich)
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