Wheat inches up from near four-month low, Black Sea exports in focus

Wheat futures edged higher on Thursday after bargain buying followed a session that brought prices close to a four-month low. Business Recorder reported that the most-active Chicago Board of Trade contract was up 0.1% at $5.99-1/2 a bushel by 0329 GMT, after reaching its weakest level since early July on Wednesday.

The market was responding to improved prospects for Black Sea supplies: Russia authorised grain ships to depart the Sea of Azov for the first time since July 10. Sources said permits for passage through the Kerch Strait would run until November 15, and Russian naval vessels would escort the ships across the Black Sea. Meanwhile, a large US harvest weighed on soybeans, which fell 0.5% to $12.31-3/4 a bushel; corn gained 0.2% to $4.52-3/4.