Chicago Wheat Rebounds from Four-Week Low Amid Black Sea Tensions

Chicago wheat futures rebounded from a four-week low on Friday as investors weighed the impact of disruptions to Black Sea exports against large global supply.

A weaker US dollar and reports of attacks in the export zone contributed to the price increase, with the most-active contract ending 8.5 cents higher at $6.39-3/4 per bushel.

Corn futures remained steady, supported by news of fresh export demand and a weak US dollar, but still ended lower for a second straight week.

Soybeans prices dipped as the bullish tone faded from Chinese purchases of US supplies that had helped support prices earlier in the session.

China has bought at least 10 more cargoes of US soybeans, with about 6 million tons purchased so far for delivery in the US crop year starting on September 1.

The US Department of Agriculture will release its monthly crop supply and demand report next week, which is expected to provide further guidance on market trends.