CANBERRA, July 21 (Reuters) – U.S. wheat futures superior on Wednesday for a sixth consecutive session, hovering close to a two-month excessive marked within the earlier session, as deteriorating crop situations raised issues about world provides.
FUNDAMENTALS
* Essentially the most-active wheat futures on the Chicago Board Of Commerce Wv1 had been up 0.8% at $7.05-3/Four a bushel by 0111 GMT, having closed up 0.4% on Tuesday – when costs hit a Might 18 excessive of $7.18 a bushel.
* Essentially the most-active soybean futures Sv1 had been up 0.2% to $13.90-3/Four a bushel, having closed up 1.1% on Tuesday.
* Essentially the most-active corn futures Cv1 had been up 0.5% to $5.69-1/Four a bushel, having closed up 2.5% within the earlier session.
* The U.S. Division of Agriculture (USDA), in a report launched after Monday’s market shut, rated 11% of U.S. spring wheat pretty much as good or wonderful, down from 16% every week earlier and under analysts’ common estimate of 15%.
* The USDA final week projected that U.S. spring wheat manufacturing would shrink to a 33-year low.
* The USDA left unchanged its good/wonderful rating for U.S. corn at 65%, wanting an analyst consensus of 66%. It raised the soybean score by 1 share level to 60%, according to expectations.
MARKET NEWS
* Secure-harbour currencies just like the yen and greenback traded close to multi-month highs towards the riskier Australian greenback and British pound on Tuesday, as fears develop {that a} rampant coronavirus variant might upend the worldwide financial restoration. USD/
* Crude oil futures rebounded on Tuesday as market members vied to reap the benefits of oil’s two-month low touched within the earlier session. O/R
* Wall Avenue notched a comeback on Tuesday with all the most important indexes closing increased, and yields on safe-haven U.S. Treasuries bouncing off lows as buyers sought riskier belongings whilst worries remained a few resurgence in COVID-19. .N
(Reporting by Colin Packham; Enhancing by Subhranshu Sahu)
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