Megusta 
Chicago wheat futures rose more than 1 percent on Thursday, rebounding from a more than two-week low hit the day before on fears about Chinese purchases of U.S. supplies that sent prices tumbling. Wheat settled at $4.50-3/4 a bushel after closing down as much as 1.4 percent on Wednesday, and soybeans tumbled more than 3 percent. The 1.7 percent drop in corn prices came after weeks of losses as the market adjusted to a surge in U.S. corn output and robust global stocks. Despite this week’s losses, corn has pulled out of a multi-month decline while soybeans and wheat remain down for the year, leaving some traders to wonder whether they are now part of a secular bear market or if the market is finally finding its footing. “It may feel like a sign of exhaustion from the commodities index, but the global market is in a very shallow slump,” said CME Group analyst Vani Hari. In the New York Mercantile Exchange, wheat lost 2.4 percent to $4.99-1/4 a bushel while corn eased 2.4 percent to $3.60-1/4 a bushel. The decline for wheat was milder than for corn, which was pressured by bullish U.S. weather forecasts for the northern Corn Belt and the risk of a drought in Europe. Argentina, home to most of Argentina’s corn crop, is particularly vulnerable to drought given the fact it is the world’s No. 2 exporter of the crop. The Geneva-based International Grains Council estimates that soybean and corn supply needs to more than fill the gap caused by the run-up in global stocks. The ICGC said world stocks of both crops had risen by 170 million tonnes to 255.5 million tonnes at the end of April from the start of the month. Prices at 2:39 p.m. EDT (1839 GMT) LAST NET PCT YTD CLOSE CHG CHG CHG CBOT wheat 4.80 1.4 0.4% 11.5% CBOT corn 3.60 0.2 0.1% 17.4% CBOT soybeans 1513.75 0.75 0.5% 34.8% CBOT rice 11.34 1.0 0.2% 2.4% EU wheat 307.75 6.0 0.2% 14.8% US wheat 585.00 2.0 0.2% 27.9%
