Log in
E-mail
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

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wheat gains for 4th session, at near 3-week top on U.S. crop worries

11/24/2020 | 10:53pm EST

* Wheat hits highest since Nov. 5 as U.S. winter crop deteriorates

* Dry weather in top producer Brazil supports soybeans

* Investors take positions ahead of long holiday weekend

SINGAPORE, Nov 25 (Reuters) - Chicago wheat futures rose for a fourth consecutive session on Wednesday to their highest since early November, as a crop quality downgrade by the U.S. government stoked concerns about global supplies.

Soybeans and corn rose in Asian trade.

"U.S. wheat prices are being driven up by the weekly crop condition report, which showed deterioration in winter crop condition," said one Singapore-based trader.

"The move in soybean prices depends on Chinese buying and as of now we see importers reducing purchases of U.S. beans for January shipment."

The most-active wheat contract on the Chicago Board Of Trade was up 0.2% at $6.18-1/2 a bushel by 0334 GMT, after climbing to its highest since Nov. 5 earlier in the session. Wheat closed up 2.2% on Tuesday.

Soybeans were up 0.4% to $11.95-1/2 a bushel and corn added 0.2% to $4.33-1/2 a bushel.

The United States Department of Agriculture (USDA) late on Monday rated 43% of the U.S. winter wheat crop in good to excellent condition, down from 46% a week earlier and bucking analyst expectations for a one-point improvement.

The biggest declines occurred in drought-hit states in the southern Plains.

Soybean prices were underpinned by dry weather across Brazil, the world's largest oilseed producer.

The USDA confirmed private sales of 334,000 tonnes of U.S. corn to unknown destinations, the latest in a series of daily corn sales announcements.

The wheat market drew additional support from positioning ahead of the holiday weekend.

The CBOT will be open for a shortened session on Friday after Thursday's holiday, but trade tends to be thin that day.

Commodity funds were net buyers of CBOT wheat and soymeal futures contracts on Tuesday and net sellers of corn, soyoil and soybean futures, traders said. (Reporting by Naveen Thukral; Editing by Ramakrishnan M.)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 4.06% 532.25 End-of-day quote.5.68%
EURO / BRAZILIAN REAL (EUR/BRL) 0.00% 6.5111 Delayed Quote.4.64%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.65% 436.7 End-of-day quote.-2.95%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 2.26% 43.91 End-of-day quote.-0.90%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.58% 665.25 End-of-day quote.1.25%
Latest news "Economy & Forex"
05:54pTwitter permanently suspends My Pillow CEO for election misinformation
RE
05:54pHHS names Susan Orsega as acting surgeon general
RE
05:45pAlan Mnuchin-backed SPAC in talks to take Sharecare public -sources
RE
05:44pTwitter permanently suspends My Pillow CEO for election misinformation
RE
05:44pUtilities Down As Investors Hedge Bets Ahead Of Earnings -- Utilities Roundup
DJ
05:43pCommunications Services Up On Growth Bias -- Communications Services Roundup
DJ
05:37pOil Search sees 'another challenging year', lower output in 2021
RE
05:36pTech Up Ahead Of Earnings, Microsoft Adds To Gains After Bell -- Tech Roundup
DJ
05:29pFinancials Down As Treasury-Yield Rally Stalls, UBS Rises -- Financials Roundup
DJ
05:26pConsumer Cos Up After Strong Economic Data -- Consumer Roundup
DJ
Latest news "Economy & Forex"