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GRAINS-Wheat climbs on deteriorating crop conditions

7/20/2021 USDA report shows further decline in spring wheat conditions Corn rises as U.S. crop rating misses consensus (Updates closing prices) By Christopher Walljasper CHICAGO, July 20 (Reuters) - Chicago wheat futures climbed on Tuesday to a two-month peak after official data underscored poor conditions for drought-hit U.S. spring wheat. Chicago corn gained, as a lower-than-expected weekly crop rating focused attention back to dry conditions in parts of the Midwest. Soybeans rebounded after being pressured by falling crude oil prices on Monday, underpinned by warm and dry weather forecast across the U.S. Midwest ahead of the oilseed s key summer growth period.

Wheat climbs on deteriorating crop conditions

Article content The most active wheat futures on the Chicago Board of Trade gained 2-3/4 cents to $7.00-1/2 per bushel, after reaching their highest level since May 18 at $7.18. CBOT corn added 13-1/2 cents to $5.65-3/4 per bushel, while soybeans gained 15-3/4 cents to $13.88-1/2. The U.S. Department of Agriculture (USDA), in a report released after Monday’s market close, rated 11% of U.S. spring wheat as good or excellent, down from 16% a week earlier and below analysts’ average estimate of 15%. “That crop’s just being torn apart,” said John Zanker, market analyst at Risk Management Commodities. The USDA last week projected that U.S. spring wheat production would shrink to a 33-year low.

GRAINS-Wheat at two-month peak on U S weather worries

GRAINS-Wheat at two-month peak on U S weather worries
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