CHICAGO, May 23 (Reuters) - U.S. wheat futures rose on
Monday, snapping a three-session losing streak on a round of
bargain buying as traders waited for the latest assessment about
"It is just a bounce back from the bashing it took last
week," said Tom Fritz, commodity broker at EFG Group. "We still
have production concerns, planting concerns up North. Wheat is
tight. That is not going to go away anytime soon."
The gains in wheat pulled corn higher, which also were
boosted by signs of strong export demand.
But soybean futures fell on a technical setback after
hitting their highest in more than a month during the overnight
Declines in soymeal added pressure to soybeans, traders
Chicago Board of Trade soft red winter wheat for July
delivery settled up 21-1/4 cents at $11.90 a bushel.
After surging a week ago following India's announcement of
an export ban, wheat prices fell back from mid-week as India
appeared to loosen its embargo, while weather forecasts showed
rain for drought-affected U.S. and French growing belts.
"Traders will be watching the (USDA's) crop rating to be
published this evening," consultancy Agritel said of wheat. "In
France, the current storms are welcome, but do not prevent the
risk of a drop in production," the Agritel note said.
Analysts were expecting the USDA report to show that 28% of
the U.S. wheat crop was rated good to excellent, up 1 percentage
point from a week earlier but still among the lowest on record.
CBOT July corn gained 7-1/2 cents to $7.86-1/4 a
A USDA report showed that export inspections of corn
totalled a bigger-than-expected 1.699 million tonnes in the week
ended May 19, up 60% from a week earlier.
CBOT July soybeans were 18-1/4 cents lower at $16.87 a
bushel. Prices peaked at $17.20, their highest since April 22,
(Reporting by Mark Weinraub in Chicago; Additional reporting by
Gus Trompiz in Paris and Rajendra Jadhav in Mumbai Editing by
Subhranshu Sahu, Mark Potter, Grant McCool and Richard Chang)