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Wheat at 2-week top on supply woes, soybeans up for 6th session

10/20/2021 | 11:44pm EST

* Tightening world supplies drive wheat to highest since Oct. 7

* Soybean futures gain more ground on strong edible oil demand

SINGAPORE, Oct 21 (Reuters) - Chicago wheat futures climbed to a two-week high on Thursday, rising for a second consecutive session as tightening global supplies supported prices.

Soybeans rose for a sixth straight session, while corn traded near two-week high.

"There is no reason for wheat prices to decline as the fundamentals are bullish," said one Singapore-based trader. "Supplies in the Black Sea region are tight."

The most-active wheat contract on the Chicago Board Of Trade (CBOT) rose 0.1% to $7.50 a bushel by 0331 GMT, after hitting its highest since Oct. 7. Wheat closed up 1.8% on Wednesday.

Soybeans added 0.1% to $12.46-1/4 a bushel and corn gained 0.1% at $5.39-3/4 a bushel.

Tightening wheat supplies in the world's biggest exporter Russia are supporting Chicago futures.

In China, constant rains in recent weeks have delayed wheat planting in main producing regions, a government official said on Wednesday.

For corn and soybeans, the U.S. harvest is more than halfway complete and some end-users are raising their basis bids as they work to draw out supplies from farmers.

Soybeans and corn are also being supported by higher use of agriculture products to make alternative fuels.

The U.S. Energy Information Administration said weekly production of corn-based ethanol in the latest week rose to 1.096 million barrels per day, the biggest weekly total since June 2019, while stockpiles increased to 20.080 million barrels.

Argentine farmers have sold 31.9 million tonnes of soybeans harvested in the 2020/21 season, the Agriculture Ministry said on Wednesday in a report with data updated through Oct. 13.

Commodity funds were net buyers of CBOT soybean, corn, wheat, soyoil and soymeal futures contracts on Wednesday, traders said. (Reporting by Naveen Thukral; editing by Uttaresh.V)

ę Reuters 2021
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