USA: Chicago wheat ticks up on Algeria purchase and tight supply

Chicago wheat gained on Friday, underpinned by a big purchase from Algeria and tight global supply, while soybean eased as a record crop in Brazil weighed on the market. Corn prices also slipped. The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.14% to $5.41 a bushel. CBOT corn fell 0.06% to $4.53 a bushel at 0424 GMT. Soybeans shed 0.05% to $9.96 a bushel. “Strong demand and uncertainty about South American corn production are expected to provide support on pull-backs,” Bergman Grains Research said in a note. Wheat’s global supply outlook is still tight, with higher prices expected over time, it added. Algeria’s state grains agency OAIC is believed to have purchased an estimated 1.17 million metric tons of milling wheat in an international tender that closed on Tuesday, European traders said. Russia’s IKAR agricultural consultancy on Thursday said it saw 2025-26 wheat exports at 41 million metric tons in a baseline scenario, down from 43.5 million tons ...