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Wheat lingers near 11-day high after USDA cuts harvest forecast

07/12/2021 | 09:39pm EDT

CANBERRA, July 13 (Reuters) - U.S. wheat futures edged up on Tuesday on concerns about global shortages after the U.S. Department of Agriculture cut its harvest forecast, pushing prices towards a near two-week high.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.2% at $6.41-3/4 a bushel by 0117 GMT, having closed 4.2% firmer on Monday when prices hit a July 2 high of $6.45 a bushel.

* The most active soybean futures were up 0.1% at $13.52-1/4 a bushel, near the session high of $13.55-1/2 a bushel - the highest since July 6. Soybeans firmed 0.7% on Monday.

* The most active corn futures were down 0.4% at $5.31 a bushel, having gained 3.1% in the previous session.

* The U.S. Department of Agriculture, in a monthly report, slashed its harvest outlook for spring wheat, other than durum, by 41% year-on-year to 345 million bushels, putting it 25% below the average of analysts' estimates.

* The USDA, in a separate weekly report, said 16% of the U.S. spring wheat crop was in good-or-excellent condition, down from 68% a year earlier and in line with forecasts.

* The USDA raised its monthly forecast for the U.S. corn harvest and left its soybean crop estimate unchanged.

* In the weekly report on crop conditions, the agency raised its good-to-excellent rating for corn by one percentage point from last week, matching market expectations.

MARKET NEWS

* The dollar found support on Tuesday ahead of U.S. inflation data, with investors on edge over whether the figures may offer clues about likely timing of tapering and interest rate hikes.

* Oil rose on Tuesday, recovering from the previous day's drop, as expectations of further declines in U.S. crude inventories outweighed fears that spreading COVID-19 variants could derail a global economic recovery.

* A gauge of global stocks closed at a record on Monday and U.S. Treasury yields held above five-month lows touched last week as investors looked for signs on whether the Delta variant of the COVID-19 coronavirus could hamper economic growth. (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)


© Reuters 2021
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