Saudi Wheat Tender Boosts Futures as Corn and Soybeans Slide

Wheat futures on the Chicago Board of Trade have rebounded from their lowest level in seven weeks, gaining 0.7% to $6.87-3/4 per bushel.

The increase comes after Saudi Arabia issued a tender to buy 535,000 metric tons of wheat for November and December shipment, signaling fresh demand expectations.

Corn futures, however, have retreated due to a larger than expected US Department of Agriculture stocks estimate, which weighed on prices and sentiment.

Soybean futures have also declined, influenced by the ongoing harvesting activity in the United States, projected to be the largest on record.