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CBOT wheat hits highest since April as global prices rise

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07/15/2020 | 02:00pm EDT

(New throughout; updates prices, adds quotes, changes byline, changes dateline from previous PARIS/SYDNEY)

CHICAGO, July 15 (Reuters) - U.S. wheat futures rose more than 3% on Wednesday and touched a 2-1/2 month high as rising global cash prices triggered a round of speculative buying and short-covering, traders and analysts said.

Soybean and corn futures also rose despite outlooks for generally favorable weather and adequate rains in the Midwest.

As of 12:45 p.m. CDT (1745 GMT), Chicago Board of Trade September wheat was up 21-1/4 cents at $5.48 per bushel after reaching $5.49, the contract's highest since April 24. CBOT November soybeans were up 6 cents at $8.83-1/2 a bushel and December corn was up 1/2 cent at $3.34-1/4 a bushel.

Wheat led the way up as traders considered that top global importer Egypt booked Russian wheat at an international tender on Tuesday for $226.75 per tonne, including freight, up roughly $8 from what it paid at a similar tender a week earlier.

"That tells me that world prices are going higher," said Tom Fritz, a partner with EFG Group in Chicago.

Others attributed the move in the often-volatile CBOT wheat futures market to speculative buying and short-covering.

"Money flow is coming into Chicago wheat ... We've seen this before, where the wheat market goes after the blood of the shorts," said Terry Linn, analyst with Linn & Associates.

Soybeans drew support from expectations of fresh demand from China and bullish monthly U.S. soy crushing data. The National Oilseed Processors Association (NOPA) said its members crushed 167.3 million bushels of soybeans in June, above the highest in a range of trade estimates.

China booked fresh purchases of U.S. soybeans and corn, the U.S. Department of Agriculture confirmed Wednesday, despite concerns that the top buyer of American agricultural goods would slow its import pace after U.S. President Donald Trump signed an executive order ending preferential economic treatment for Hong Kong.

Also, global vegetable markets firmed, including Malaysian palm oil futures, buoying allied CBOT soyoil futures.

Corn futures trailed the advances in wheat and soybeans as beneficial crop weather was expected in most of the Midwest for the balance of July, bolstering expectations for large harvests this autumn. (Additional reporting by Gus Trompiz in Paris and Colin Packham in Sydney; Editing by Louise Heavens and Aurora Ellis)

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.23% 324.5 End-of-day quote.-16.12%
LONDON BRENT OIL -0.53% 44.93 Delayed Quote.-31.35%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.14% 289.7 End-of-day quote.-5.90%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -0.22% 31.53 End-of-day quote.-8.38%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 0.65% 500 End-of-day quote.-11.10%
WTI -0.52% 42.2 Delayed Quote.-30.68%
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