CANBERRA, Oct 29 (Reuters) – U.S. wheat futures edged higher Friday to linger near a near 9-high high as concerns about global supplies pushed the grain towards monthly gains of 7%.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade Wv1 were up 0.5% at $6.75-3/4 a bushel by 0119 GMT, closing up 1.7% on Thursday when prices hit a February 2013 high of $7.80 a bushel.
* Wheat up more than 7% for the month, the fifth monthly gain and the biggest four-week rally since April.
* The most active soybean futures Sv1 down nearly 1% for the month, the fifth straight monthly slide.
* The most active corn futures Cv1 up 5% for the month, the second consecutive monthly gain for the contract.
* Russia will harvest more than 123 million tonnes of grain after drying and cleaning in 2021, the agriculture minister said on Thursday, cutting the official estimate after months of being more positive about the crop than main analysts have been.
* Argentina’s 2021/22 wheat crop is expected at 19.8 million tonnes, the Buenos Aires Grains Exchange said in a report, citing recent rains as its reason for increasing its previous 19.2 million tonnes estimate.
MARKET NEWS
* The dollar held losses to the euro and British pound late on Thursday as currency traders digested moves in interest rate markets, comments by the European Central Bank President Christine Lagarde and a weaker-than-expected U.S. economic report. USD/
* Oil prices dipped on Thursday but settled off two-week lows as concerns about U.S. supply growth vied with speculation that Iran’s supply could come online following nuclear talks with global powers. O/R
* Global equities moved toward record highs overnight and U.S. Treasury yields rose as investors discounted weak U.S. economic growth data to retain their focus on strong corporate results and interest rate expectations amid rising inflation.
(Reporting by Colin Packham; Editing by Rashmi Aich)
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