GRAINS-Market Steadies After Pullback, Egypt Seeks More Wheat
Chicago grain and soybean futures edged higher on Tuesday after a two-day pullback as technical support and weather disruption to crop supply underpinned the market despite an improvement in growing conditions in the drought-stricken U.S. Midwest.
Wheat, which shed 6 percent in the past two sessions, was also supported by the second tender in a week by Egypt, the world’s top wheat importer, in a
latest sign that buyers were returning to the market.
Grain markets have surged since June as the worst drought in half a century in the United States has withered corn and soy crops, and supply concerns remain intense despite a cooling in prices since Friday when operators decided to book profits after closely watched U.S. government crop estimates.