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 rallies 1% to linger near 2-month high on supply concerns

07/20/2021 | 01:39am EDT

* Wheat up for fifth straight session

* Corn firms about 1%, soybeans climb 1%

CANBERRA, July 20 (Reuters) - U.S. wheat futures rose more than 1% on Tuesday as global supply concerns pushed prices towards a two-month high after a U.S. government report pegged the condition of crops below market expectations.

Corn rose 1% on concerns over hot and dry weather in the United States, while soybeans also climbed 1%.

The most-active wheat futures on the Chicago Board Of Trade were up 1.3% at $7.06-1/2 a bushel by 0504 GMT, having closed up 0.8% on Monday - when prices hit a May 18 high of $7.09-1/2 a bushel.

Analysts said the U.S. Department of Agriculture's (USDA) latest crop report was driving gains as traders lowered global supply estimates.

"There remains the ongoing forecast crop reductions from Canada's Prairies and the U.S. Northern Plains," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

The USDA 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.

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.

The most-active soybean futures were up 1% to $13.86-1/6 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.

Kazakhstan plans to limit exports of barley and wheat used for animal feeds and completely ban exports of rye for six months amid feed shortages caused by drought across Central Asia, a Kazakh government source told Reuters on Monday.

Farmers in south central Brazil have harvested 30% of their second corn crop through July 15, according to agribusiness consultancy AgRural on Monday. (Reporting by Colin Packham; Editing by Subhranshu Sahu)


ę Reuters 2021
Latest news "Economy & Forex"
05:58pFda to authorize 3rd pfizer shot for 65 and over, high-risk - bloomberg reporter tweet
RE
05:49pWall Street jumps after Fed policy announcement
RE
05:45pFed signals bond-buying taper coming 'soon,' rate hike next year
RE
05:44pSouth Korea foreign minister says to meet Japan counterpart on Thursday
RE
05:37pTechnology Shares Rise as Fed Looks to Reverse Stimulus -- Tech Roundup
DJ
05:34pThe WSJ Dollar Index Rises 0.20% to 87.96 -- Data Talk
DJ
05:34pEuro Lost 0.33% to $1.1689 -- Data Talk
DJ
05:34pSterling Lost 0.30% to $1.3618 -- Data Talk
DJ
05:34pDollar Gains 0.54% to 109.81 Yen -- Data Talk
DJ
05:32pFed to release paper on central bank digital currency soon, Powell says
RE
Latest news "Economy & Forex"