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Wheat rebounds on supply issues

Reuters SINGAPORE (Reuters) — Chicago wheat futures gained almost 1 percent on Monday, rising for a fourth session in five, as expectations of lower production in the Black Sea region supported the market.

Soybeans edged higher, but the market traded near last session’s lowest since mid-January as near-perfect weather across the U.S. Midwest raised hopes of a bumper harvest.

“News flow is supportive for wheat prices, we have a severe drought cutting Russian output,” said one India-based agricultural commodities analyst. “But the upside might be limited as stocks are still pretty big in the United States and fresh supplies from the northern hemisphere harvest have started coming to the market.”

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