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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.


* 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.


* 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
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