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Wheat hovers near eight-day high on tight global supplies

09/15/2021 | 09:50pm EDT

CANBERRA, Sept 16 (Reuters) - U.S. wheat futures edged higher on Thursday as concerns about global supplies kept prices near an eight-day high hit in the previous session.

FUNDAMENTALS

* The most-active wheat futures on the Chicago Board of Trade were up 0.1% at $7.13-1/4 a bushel by 0133 GMT, having closed 1.6% higher on Wednesday when prices hit a Sept. 8 high of $7.14-3/4 a bushel.

* Soybean futures inched 0.3% higher to $12.98-1/4 a bushel, having closed up 0.9% on Wednesday.

* Corn futures rose 0.4% to $5.35-3/4 a bushel, having gained 2.5% in the previous session.

* Russian farmers are expected to sow less winter wheat this autumn than record levels seen a year ago due to unfavourable weather conditions, a switch to oilseeds in some regions and concerns about the country's grain export tax, analysts said.

* The U.S. Department of Agriculture reported two soybean sales cancellations, including 132,000 tonnes from China and 196,000 tonnes from unknown destinations.

MARKET NEWS

* Oil prices slipped on Thursday, but kept most of the previous day's gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world's largest oil consumer.

(Reporting by Colin Packham; editing by Uttaresh.V)


ę Reuters 2021
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