By Mark Weinraub
CHICAGO, July 21 (Reuters) – U.S. winter wheat futures rose for the sixth day in a row on Wednesday as hostile climate in key exporting nations raised provide issues, merchants stated.
Corn futures had been regular to agency, with the front-month contract ending flat whereas new-crop choices rose on assist from dry soils that threatened to hamper crop improvement within the U.S. Midwest.
“Corn belt rain occasions are nonetheless mainly non-existent within the two-week forecast,” Matt Zeller, director of market data at StoneX, stated in a word to shoppers.
Soybean futures had been combined, with close by contracts easing on issues about biodiesel sector earnings whereas new-crop contracts rose.
MGEX spring wheat futures dropped 2.0%. Merchants famous that a lot of the priority concerning the measurement of the crop was priced in when the market surged to its highest since November 2012 on Monday.
“There are positively issues for the U.S. and spring wheat crops however we are going to get to know the way huge the issue is when the harvest begins,” a Singapore-based dealer who sells U.S. wheat to millers in Asia stated.
MGEX September spring wheat MWEU1 ended down 18-1/four cents at $8.97-3/four a bushel. Chicago Board of Commerce September gentle purple winter wheat WU1 was up 10-1/four cents at $7.10-3/four and Ok.C. September arduous purple winter wheat KWU1 was up 8-3/four cents at $6.69.
“Western Europe rains return by weekend and stay lively a lot of subsequent week, lowering wheat high quality & stalling harvest,” Commodity Climate Group stated in a word.
Russia’s agriculture ministry stated that yields from the harvest of the nation’s wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 a 12 months earlier.
CBOT December corn CZ1 was up 2-1/four cents at $5.68-1/2 a bushel after peaking at its highest since July 2.
CBOT November soybeans SX1 had been 1-1/four cents larger at $13.89-3/four a bushel.
(Extra reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Modifying by Chizu Nomiyama, Will Dunham and David Evans)
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