US wheat futures jumped on Tuesday as traders worried a cold snap would hurt recently planted crops.
Temperatures dropped near zero Fahrenheit in wheat-growing areas of the US Plains, including in western Kansas, according to a daily report from the US Department of Agriculture.
A weekly USDA report, due at 3 p.m. CST (2100 GMT), is expected to show good-to-excellent ratings for the nation's winter wheat crop were unchanged at 57% as of Nov. 10, according to a Reuters poll.
But some brokers were looking for a decline and next week's report could also reveal damage from this week's cold spell.
The most actively traded wheat contract was up 11 cents at $5.16-3/4 a bushel at the Chicago Board of Trade by 1:16 p.m. CST (1916 GMT), after dropping to its lowest price in November on Monday. December K.C. hard red winter wheat was up 15-1/2 cents at $4.38-1/4.
The most-active corn contract rose 4 cents to $3.77-1/4 a bushel. In the previous session the contract matched its lowest price since Sept. 30 at $3.72-1/2.
Soyabeans inched up 1/4 cent to $9.17-1/4 a bushel, after touching their lowest price since Oct. 8 earlier on Tuesday.
Grain prices were due for a rebound after their recent declines, traders said.
The USDA, in a separate report on Tuesday, said 528,875 tonnes of US wheat were inspected for export in the week ended Nov. 7. That was slightly above analysts' estimates for 300,000 to 500,000 tonnes.
Corn and soyabean inspections were within analysts' expectations at 560,105 tonnes and 1.3 million tonnes, respectively. US soyabean export sales have been hampered by the trade war with China, the world's biggest importer of the oilseed.

















Comments
Comments are closed for this article.