US: Wheat increased for the second session on supply concerns, while corn and soybeans ease

SINGAPORE (June 3): Chicago wheat futures gained more ground on Friday (June 3) with the market underpinned by concerns over tightening world supplies and rising prices in key consuming countries. Corn and soybeans markets slid. The Chicago Board of Trade (CBOT) most-active wheat contract had added 0.4% to US$10.62 (about RM46.58)-1/2 a bushel as of 0251 GMT, corn dipped 0.1% to US$7.29-1/4 a bushel and soybeans fell 0.1% to US$17.27 a bushel. For the week, wheat is down more than 8%, corn has lost around 6% and soybeans have dropped marginally. The agricultural markets are cautious about the likelihood of a deal over Ukrainian ports while fighting continues in Ukraine and as Moscow seeks sanctions concessions rejected by Kyiv and its Western allies. Prices eased earlier this week on expectations of resumption in Black Sea supplies. United Nations (UN) aid chief Martin Griffiths is in Moscow to discuss clearing the way for exports of grain and other food from Ukraine's Black Sea ...