Wheat bounces off supply issues, COVID-19 worries about cap gains

  • Chicago wheat surges after heavy losses over coronavirus fears
  • Soybean futures rise after 5 sessions of decline, corn firms

SINGAPORE, December 1 (Reuters) – Wheat supply problems helped Chicago futures bounce back on Wednesday after heavy losses in last session due to fears of a new variant of COVID-19 and its impact on the world economy.

Soybeans rose after five sessions of decline while corn advanced for the first time in three days.

The most active wheat contract on the Chicago Board Of Trade rose 0.8% to $ 7.93-1 / 2 a bushel at 2:49 am GMT, after closing down 4.2% on Tuesday.

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Soybeans rose 0.7% to 12.26-1 / 4 a bushel, after hitting a low on November 11 at $ 12.14 a bushel in the last session. Corn gained 0.7% to $ 5.71-1 / 4 a bushel, after closing 2.3% lower in the previous session.

Wheat markets hit nine-year highs in November in Chicago as the possibility of further Russian export restrictions and the risk of rain damage to Australian crops fueled fears of a squeeze in supplies. milling wheat.

Asian stocks fell from a one-year low on Wednesday as US stock and oil futures recovered from the previous day’s selloff, but uncertainty over the impact of the coronavirus variant Omicron has kept investors on the lookout.

Commodity funds were net sellers of CBOT wheat, corn, soybean and soybean oil futures on Tuesday, traders said. The funds were estimated to be net even in soybean meal futures contracts.

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Reporting by Naveen Thukral; Editing by Devika Syamnath

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