US wheat prices rose on Thursday on news that Russia, the world's largest wheat exporter, could reduce its export quota to secure domestic supply in the face of food inflation, while soybean prices climbed tracking firmer soyoil futures.
Russia is considering reducing its wheat export quota slightly from a previously planned 9 million tonnes, five sources familiar with discussions among officials told Reuters on Wednesday.
The most-active wheat contract on the Chicago Board of Trade was up 0.4% at $7.59 a bushel, as of 03:20 GMT, while soybeans edged up 0.7% to $12.72 a bushel, set for a third consecutive day of gains.
CBOT soyoil futures rallied after the National Oilseed Processors Association (NOPA) said supplies among its US members had slipped to 1.832 billion lbs by the end of November, from 1.835 billion a month earlier.
This was its first monthly decline since June, surprising analysts who had expected oil stockpiles to climb.
Meanwhile, the most-active corn contract was also up 0.5% at $5.89 a bushel.
Argentina will cut export taxes on soybeans, corn and wheat, but only if they are organics, which currently make up a small fraction of the major grains producer's harvest.
Argentine farmers have sold 35.7 million tonnes of soybeans from the 2020/21 season after transactions for 327,800 tonnes in the most recent week, the Agriculture Ministry said on Wednesday in a report that included data through 8 December.
Jordan's state grain buyer made no purchase in an international tender for 120,000 tonnes of animal feed barley which closed on Wednesday, European traders said.
Commodity funds were net sellers of Chicago Board of Trade wheat, corn and soymeal futures contracts on Wednesday and net buyers of soyoil and soybean futures, traders said.
Read More: World Food Prices Climb In November, Stay At 10-Year Peak: FAO