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U.S. wheat ticks up, but supply pressure keeps prices near 2-month low

12/01/2020 | 10:09pm EST

* Wheat recovers after two days of deep losses push prices to 2-month low

* Expectations of higher world supplies cap gains

SINGAPORE, Dec 2 (Reuters) - Chicago wheat edged up on Wednesday, after suffering losses in the previous two sessions that dragged the market to its lowest in two months on lack of demand for U.S. cargoes and improving global supply situation.

Corn and soybeans lost more ground, hitting their lowest levels in two weeks.

"The U.S. price falls look meaningful because prices are at, or a shade below, the low side of recent ranges," said Tobin Gorey, director of agriculture strategy at the Commonwealth Bank of Australia.

The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.3% to $5.78-3/4 a bushel by 0247 GMT, after dropping in the previous session to its lowest since Oct. 5 at $5.74 a bushel.

Corn gave up 0.3% to $4.19-1/2 a bushel and soybeans fell 0.4% to $11.57-1/2 a bushel. Earlier in the session, both markets hit their lowest since Nov. 17.

Wheat futures have faced pressure amid a lack of interest for U.S. supplies with Black Sea continuing to win business.

Egypt's main state grains buyer purchased 170,000 tonnes of Russian and Ukrainian wheat in an international purchase tender. No U.S. wheat was offered.

The U.S. Department of Agriculture late Monday rated 46% of U.S. winter wheat in "good-to-excellent" condition, up from 43% a week earlier, bucking trade expectations for no change.

Still, ratings were down from a year earlier, reflecting drought in much of the U.S. Plains breadbasket as the crop enters winter dormancy.

The Australian Bureau of Agricultural and Resource Economics and Sciences raised its estimate of the country's 2020/21 wheat harvest to 31.17 million tonnes, from its September forecast of 28.91 million.

CBOT corn and soybeans are being weighed down by a fund-driven liquidation and improving crop weather in Brazil and Argentina.

StoneX, a commercial grain brokerage, raised its forecast of Brazil's 2020/21 soybean crop to 133.9 million tonnes from 133.4 million previously.

Commodity funds hold sizable net long positions in CBOT corn and soybean futures, leaving both markets prone to bouts of long liquidation as the calendar year winds down. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -4.53% 500.5 End-of-day quote.3.41%
EURO / BRAZILIAN REAL (EUR/BRL) 2.24% 6.6542 Delayed Quote.2.58%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -3.93% 421 End-of-day quote.0.87%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -2.95% 42.15 End-of-day quote.-2.45%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -3.97% 634.5 End-of-day quote.-0.94%
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