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Wheat firms as global supply concerns mount

08/03/2021 | 09:59pm EDT

CANBERRA, Aug 4 (Reuters) - U.S. wheat futures edged higher on Wednesday as concerns about supplies in the United States and the Black Sea region underpinned prices.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.2% at $7.26 a bushel by 0148 GMT, having closed down 0.7% on Tuesday.

* The most active soybean futures were little changed at $13.20-1/4 a bushel, having closed down 2.5% on Tuesday.

* The most active corn futures were little changed at $5.50-1/4 a bushel, having gained 2.6% in the previous session.

* The U.S. Department of Agriculture's (USDA) weekly crop progress report, released after Monday's market close, showed better-than-anticipated ratings for soybeans.

* The USDA rated the overall corn crop 2 points lower than the week prior and below analyst expectations.

* Wheat was underpinned by reduced crop prospects in North America and Russia and steady demand from leading importers, though mounting cases of the Delta variant of the coronavirus in China and the United States raised doubts over global demand.

MARKET NEWS

* The U.S. dollar steadied on Tuesday, after having lost value against the Japanese yen and Swiss franc, as questions about slowing U.S. economic growth and the Delta variant challenged risk appetite.

* Oil settled lower on Tuesday, as concerns about rising cases of the Delta coronavirus variant outweighed expectations for another weekly draw in U.S. inventories that had boosted prices early.

* U.S. stocks rose, 10-year Treasuries were flat and oil prices fell on Tuesday as markets weighed mixed signals from corporate earnings and economic growth data.

(Reporting by Colin Packham; Editing by Ramakrishnan M.)


© Reuters 2021
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