The most active wheat contract on the Chicago Stock Exchange (CBOT) was up 1.8% at $466.91. per tonne, after the July contract in global trading came within 3 cents of a record high.
On the other hand, corn fell 1% to $315.64 while soybeans rose 1% to $614.62.
India banned wheat exports on Saturday, just days after saying it was targeting record shipments of 10 million tonnes this year, at a time when a heat wave has curtailed output and domestic prices hit a record.
The government had said it would only allow exports backed by letters of credit, or payment guarantees, issued before May 13, leaving around 1.8 million tonnes of grain stuck in ports.
Wheat was also supported by a report from the US Department of Agriculture late Monday, indicating a worsening condition of the country’s winter crop, raising supply concerns in an already tight market. .
The USDA rated 27% of the U.S. winter wheat crop in good to excellent condition, down 2 percentage points from the previous week and below analyst expectations, while spring wheat was sown at 39 percent. %, versus expectations of 43%.
Source: Ambito
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