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Wheat hits near three-week high on USDA's crop quality downgrade

11/24/2020 | 10:13pm EST

SYDNEY, Nov 25 (Reuters) - U.S. wheat futures rose more than 0.5% on Wednesday to hit a near three-week high, as a crop quality downgrade by the U.S. Department of Agriculture (USDA) stoked concerns about global supplies.

FUNDAMENTALS

* * The most active wheat futures contract on the Chicago Board Of Trade was up 0.6% at $6.21-1/3 a bushel by 0251 GMT, after hitting $6.22-1/4 a bushel earlier in the session, its highest since Nov. 5. Wheat closed up 2.2% on Tuesday.

* The most active soybean futures were up 0.5% to $11.97-1/2 a bushel, after firming 0.5% on Tuesday. Soybeans hit a June 2016 high of $12.00 a bushel on Monday.

* The most active corn futures were up 0.5% to $4.34-1/2 a bushel, after closing down 0.2% in the previous session.

* The USDA late on Monday rated 43% of the U.S. winter wheat crop in good to excellent condition, down from 46% a week earlier and bucking analyst expectations for an improvement.

MARKET NEWS

* The dollar nursed losses as progress in developing a novel coronavirus vaccine and expectations for a fiscal boost from a new U.S. government triggered a shift of funds from the greenback to riskier assets.

* U.S. oil edged lower, after an industry report showed crude stockpiles in the United States rose against expectations, tempering a rally driven by news that another vaccine against COVID-19 had proved effective in trials.

* Asian stocks made early gains, following a world rally overnight that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook.

(Reporting by Colin Packham; Editing by Rashmi Aich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.51% 531.5 End-of-day quote.9.81%
LONDON BRENT OIL -2.91% 54.8 Delayed Quote.9.17%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.54% 462.4 End-of-day quote.7.02%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -2.83% 41.89 End-of-day quote.-3.42%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 0.82% 675.5 End-of-day quote.5.46%
WTI -3.09% 52.11 Delayed Quote.11.60%
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