"Wheat is at the bottom end of the range. It's been hit hard," she added. "We got a rebound off the low, and we're trying to extend that." On Monday, the soybean and corn contracts reached their highest in nearly two weeks while wheat touched a near four-week peak. The delayed soybean harvest in Brazil could extend the U.S. export market, which typically shifts to South America as new crop shipments become available. "We might be getting a little bit bigger window of exports from the U.S.," said Brian Basting, commodity research analyst at Advance Trading. Traders watched for clues as to Chinese demand following last week's Lunar New Year holidays. Macro-economic news capped gains, as investors broadly expect the U.S. Federal Reserve to raise interest rates by 25 basis points on Wednesday, while both the Bank of England and the European Central Bank are seen raising rates on Thursday. The dollar index rose, making U.S. commodities more expensive to holders of other currencies. Investors were also making end-of-month adjustments to positions, analysts said. (Reporting by Christopher Walljasper; additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila; editing by Will Dunham)
(New throughout; previous PARIS/MANILA)
By Christopher Walljasper
CHICAGO, Jan 31 (Reuters) - Chicago wheat futures gained
on Tuesday as traders eye winter wheat conditions across the
U.S. Plains amid a second frigid cold snap this season, though
futures struggled against technical resistance.
Soybeans found support from dry forecasts in Argentina that
could continue to erode yields in the key exporting country,
while delayed soy harvests in Brazil could push back corn
planting, which strengthened U.S. corn futures.
The most-active wheat contract on the Chicago Board of Trade added 8-1/2 cents at $7.60-3/4 a bushel by 10:47 a.m.
(1647 GMT).
CBOT soybeans climbed 1/2 cent to $15.35-3/4 a bushel,
while corn firmed 1/2 cent to $6.84-1/4 a bushel.
Wheat found support as winter wheat crop conditions across
the U.S. plains remained uncertain, improving slightly in
Kansas, the top U.S. winter wheat producing state, during
January but fell sharply in Oklahoma, the No. 3 grower, the U.S.
Department of Agriculture (USDA) said on Monday.
Wheat futures continue to struggle against technical
resistance, said Kristi Van Ahn-Kjeseth, chief operating officer
at consulting firm Van Ahn and Company Inc.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.