Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wheat jumps as USDA crop condition report raises supply fears

07/19/2021 | 10:22pm EDT

CANBERRA, July 20 (Reuters) - U.S. wheat futures rose 1% on Tuesday, extending gains into a fifth session, as global supply concerns grew after the U.S. Department of Agriculture pegged the conditions of crops below market forecasts.

FUNDAMENTALS

* The most-active wheat futures on the Chicago Board Of Trade were up 1% at $7.04-1/2 a bushel by 0204 GMT, having closed up 0.8% on Monday when prices hit a May 18 high of $7.09-1/2 a bushel.

* The most-active soybean futures were up 0.9% to $13.84-1/2 a bushel, having closed down 1.4% on Monday.

* The most-active corn futures were up 0.8% to $5.56-1/2, having closed little changed in the previous session.

* The U.S. Department of Agriculture pegged the U.S. spring wheat crop as 11% good to excellent, down from 16% a week earlier and slightly below analysts' expectations.

* Additionally, 63% of spring wheat was rated "poor" or "very poor," up from 55% a week earlier.

* Corn was rated 65% good to excellent, 1 point below expectations, while soybeans were in line with analyst predictions.

* Russia's 2021 wheat crop expectations dropped following hot and dry weather in southern Russia, while Ukrainian wheat export prices rose last week on harvest uncertainty in the Black Sea region.

MARKET NEWS

* Safe-harbour currencies like the Japanese yen and U.S. dollar held near multi-month highs against the riskier Australian dollar and British pound on Tuesday, as fears grow that a rampant coronavirus variant could upend the global economic recovery.

* Oil prices stabilised on Tuesday after slumping around 7% in the previous session amid a broader market retreat led by concerns about a resurgence of COVID-19 infections, which came just as producers inked a new supply deal.

* Stocks on Wall Street fell as much as 2% on Monday, with the Dow posting its worst day in nine months, as a rise in worldwide coronavirus cases and increasing U.S. deaths drove investors out of risky assets, crushing bond yields and share prices. (Reporting by Colin Packham; Editing by Subhranshu Sahu)


ę Reuters 2021
Latest news "Economy & Forex"
09/21China Evergrande fears grip markets as Beijing stands back, for now
RE
09/21INDIAN MORNING BRIEFING : Asian Markets Mostly Lower Amid Worries Over China Evergrande Fallout
DJ
09/21Japanese shares fall on Evergrande jitters; bargain-hunting limits losses
RE
09/21Malaysian securities regulator reviews SPAC framework, citing demand
RE
09/21JAPAN FINANCE MINISTER : meeting budget target may take more time
RE
09/21No ministers' meeting on Iran nuclear deal at U.N., says EU's Borrell
RE
09/21Corn falls to near 1-week low on USDA crop condition report
RE
09/21China’s evergrande chairman says will fulfill responsibilities to property buyers, investors, partners and financial institutions
RE
09/21China's evergrande chairman says confident company will 'walk out of darkest moment' and deliver property projects
RE
09/21Protest erupts in Melbourne after virus worries shut down construction sites
RE
Latest news "Economy & Forex"