Malaysian Palm Oil Council Russia's Post

GRAINS-Chicago wheat rises on short-covering after falling on expanded harvest

BEIJING, June 28 (Reuters) - Chicago wheat futures rose on Tuesday on short covering, after falling to a four-month low in the previous session as ongoing winter harvest was ahead of expectations.
Corn and soybeans both edged up.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.65% to $9.23-1/2 a bushel. The market fell to its lowest since February on Monday, pressured by the expanding harvest of winter wheat in the Northern Hemisphere and a lack of demand for U.S. supplies.

Corn Cv1 climbed 0.24% to $7.46 a bushel and soybeans Sv1 edged up 0.37% to $14.38 a bushel.

The U.S. Department of Agriculture (USDA) cut its rating of the country's corn crop in good-to-excellent shape to 67% in its weekly crop progress report, down 3 percentage points from a week ago. Its U.S. soybean crop rating also fell by 3 percentage points to 65% good to excellent, according to the report.

The U.S. Food and Drug Administration concluded a review of Argentine biotechnology firm Bioceres' BIOX.BA genetically modified (GMO) wheat without further questions, a "key step" to commercializing it in the United States, the company said on Monday.

The USDA said the U.S. winter wheat harvest was 41% complete, more than trade expectations and ahead of the five-year average of 35%.

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), announced on Monday that it is seeking an unspecified amount of wheat in an international tender.

Commodity funds were net sellers of Chicago Board of Trade corn and wheat futures contracts on Monday, and net buyers of soybean, soymeal and soyoil futures, traders said.

MARKET NEWS
U.S. stocks ended a volatile trading session slightly lower on Monday after posting sharp gains the week before, while oil prices and Treasury yields rose.
By: via Malaysian Palm Oil Council Russia