By Naveen Thukral
SINGAPORE, Dec 1 (Reuters) – Wheat supply concerns helped Chicago futures bounce back on Wednesday from the last session’s deep losses driven by fears about a new COVID-19 variant and its impact on the global economy.
Soybeans rose after five sessions of decline while corn gained for the first time in three days.
The most-active wheat contract on the Chicago Board Of Trade Wv1 added 0.8% to $7.93-1/2 a bushel by 0249 GMT, after closing down 4.2% on Tuesday.
Soybeans Sv1 were up 0.7% at $12.26-1/4 a bushel, after hitting a Nov. 11 low of $12.14 a bushel in the last session. Corn Cv1 gained 0.7% at $5.71-1/4 a bushel, having closed 2.3% lower in the previous session.
Wheat markets rallied to nine-year highs in November in Chicago as the possibility of more Russian export restrictions and the risk of rain damage to Australia’s crop fanned fears of tight milling wheat supplies.
Asian stocks rose from a one-year low on Wednesday as U.S. share futures and oil recovered from the previous day’s selloff, but uncertainty over the impact of the Omicron coronavirus variant kept investors on edge. MKTS/GLOB
Commodity funds were net sellers of CBOT wheat, corn, soybean and soyoil futures contracts on Tuesday, traders said. Funds were estimated to be net even in soymeal futures. COMFUND/CBT
(Reporting by Naveen Thukral; Editing by Devika Syamnath)
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