Wilmar (F34.SG) +3.7% at $6.45 on above-average volume, best performer among Singapore blue chips, with buyers returning after losing streak over last 3 days, according to Dow Jones.

Market participants contacted are divided over reason for current interest, with some attributing rise to merely buying ahead of 2Q10 results due Aug 13, while others hopeful agribusiness group will benefit from recent rally in wheat prices following Russia’s ban on wheat exports.

“They have a huge trading arm buying a range of commodities including wheat. They may already have loaded up before the sharp price increase and could hold on to the stock and sell it later for a nice gain,” says an analyst at a Singapore brokerage, but notes wheat accounts for only small part of Wilmar’s overall business.

Resistance expected at July high of $6.46.