BEIJING: Chicago wheat futures ticked higher on Monday on uncertainty over Black Sea export flows and dry weather in the US Plains, while ample global supplies capped gains. Wheat, corn and soybeans all posted modest gains after five consecutive sessions of declines. The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.3% to $5.08 a bushel by 0353 GMT. Corn increased 0.11% to $4.38 a bushel, while soybeans climbed 0.53% to $10.51-1/4 a bushel. Despite the rebound, soybean prices remained near levels that have nearly erased gains made since the late-October trade truce between Beijing and Washington. “CBOT soy markets traded higher, led by soyoil, while soybeans recouped part of Friday’s losses on bargain buying,” said Cheang Kang Wei, vice president at StoneX in Singapore. “Gains were capped by ample global supplies, competitively priced Brazilian exports and generally favourable weather across South America,” he added. Favourable South American weather continues to support production prospects. Forecaster Vaisala said last week that recent rainfall had improved soil moisture in Brazil’s growing areas, with additional rain expected in northern areas through early this week. Last week, the US Department of Agriculture released details about how much row crop farmers will receive next year from a $12 billion aid programme, but soybean growers say such payments fall short of helping those hurt by low crop prices and trade disputes. Market players continued to monitor the progress in negotiations to end Russia’s war in Ukraine. Russia launched an air attack on Kyiv, the Ukrainian capital, Mayor Vitali Klitschko said on Monday. Any resolution to the nearly four-year conflict would likely weigh on wheat prices, as reduced shipping risks could lower export costs and improve access to Ukrainian ports. Meanwhile, dry conditions in the US Southern Plains continued to lend some support to wheat prices. “With limited fresh market-moving news, attention remains on broader geopolitical developments. The next key focus is the USDA WASDE and quarterly grain stocks reports due on January 14,“ StoneX’s Cheang said.