Expectations of lower wheat output in top exporters supports.
8/3/2021 iStock: simazoran SINGAPORE, Aug 4 (Reuters) - Chicago wheat futures bounced back on Wednesday as concerns over supplies from top exporters Russia and the United States supported prices. Soybeans gained ground, although better-than-expected crop conditions and forecasts for rain across the U.S. Midwest kept a lid on prices. Some consumers are balking at higher prices for now. And that has few traders worried perhaps the gains have been too much, too soon, said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, referring to global wheat prices. We are a little sceptical of that, the market is cutting wheat crop estimates. Chances are those consumers will return later and have to bite the bullet on higher prices.
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