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By Michael Hogan
HAMBURG, July 14 (Reuters) – Chicago wheat, corn and soybeans rose on Monday on bargain-buying after sharp falls on Friday.
But expectations of good crops in the United States limited rises, with an uncertain mood in markets after U.S. President Donald Trump ramped up tariff threats. MKTS/GLOB
Chicago Board of Trade most active soybeans Sv1 rose 0.4% to $10.12 a bushel at 1125 GMT after earlier on Monday trading below the psychologically-important $10 level at $9.98-1/4 a bushel.
Corn Cv1 rose 0.6% to $4.14-3/4 a bushel, wheat Wv1 rose 0.7% to $5.48-3/4 a bushel.
“Corn, soybeans and wheat are seeing support from bargain-buying and short covering after Friday’s falls with no really new bullish news today,” said Matt Ammermann, StoneX commodity risk manager. “With world equity markets falling after the weekend tariff comments by President Trump, some investment money is likely being transferred from equities to grains.”
“Wheat is being supported by new demand from Algeria and Taiwan.”
Chicago corn set contract lows and soybeans fell on Friday on expectations that beneficial weather for U.S. crops will lead to bumper harvests. Wheat had also fallen on indications U.S. harvesting was making good progress.
The U.S. Department of Agriculture (USDA) issued a monthly crop report that sounded no alarm bells about U.S. harvests.
“Overall rises are limited by good U.S. crop weather forecast this week,” Ammermann said. “There is no serious fear of weather stress to U.S. crops and the U.S. wheat harvest is likely to be making good progress. The USDA weekly U.S. crop conditions reports due later on Monday are likely to be positive.”
Wheat also received support from new demand following a long period of quiet import purchasing. A new tender for wheat was issued by big buyer Algeria while Taiwan issued a tender to buy U.S. wheat.
(Reporting by Michael Hogan in Hamburg, additional reporting by Peter Hobson in Canberra; Editing by Sumana Nandy, Rashmi Aich and Tomasz Janowski)
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