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Snowfall in dry parts of U.S. Plains boosts soil moisture
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Drought-hit soybean crop in Argentina gets rain relief
SINGAPORE, Jan 24 (Reuters) - Chicago wheat ticked higher on Tuesday, as the market recovered from its lowest in 16 months on bargain-buying, although the gains were limited by snowfall in parts of the U.S. Plains which brought much needed moisture to the winter crop.
Soybeans and corn prices rose for the first time in five sessions.
Beneficial snowfall could boost U.S. crop moisture which is bearish for prices, the Hightower said in a report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.5% to $7.23-3/4 a bushel, as of 0340 GMT, after sliding to its lowest since Sept. 30, 2021 at $7.12-1/2 a bushel on Monday.
Soybeans added 0.3% to $14.94-3/4 a bushel and corn gained 0.4% at $6.68-3/4 a bushel.
The wheat market faced pressure on Monday after rain and snowfall across the U.S. Plains provided soil moisture for parched winter wheat crops in the region.
Indian wheat prices hit a record high on Monday, following a delay in releasing extra stocks by the government to boost supplies and calm the domestic market reeling from shortages triggered by last year's lower output.
Russian Foreign Minister Sergei Lavrov said on Monday that the terms of the Black Sea grain initiative, which facilitates the export of Ukrainian grain from its southern Black Sea ports, were "more or less being fulfilled".
However Lavrov, speaking at a news conference during a visit to South Africa, also said that Russia still faced problems exporting its own agricultural products.
For soybeans, rainfall in Argentina over the weekend is expected to boost the crop, though persistent dryness in recent weeks may have already done some damage. More rainfall is expected through the next week.
U.S. exporters readied 1.81 million tonnes of soybeans for inspection during the week ended Jan. 19, a 17.56% decline from the week prior, according to the U.S. Department of Agriculture, but the figure was near the high end of analyst expectations.
Corn export inspections of 727,643 tonnes fell below week-ago totals, while wheat export inspections of 334,217 tonnes were slightly above last week's inspections. Both were in line with analyst predictions.
Commodity funds were net sellers of CBOT soybean, soymeal, corn and wheat futures contracts on Monday and net buyers of soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich and Uttaresh.V)
