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CHICAGO: US wheat futures rose more than 1% on Tuesday after the US Department of Agriculture in a monthly report lowered its forecast of global wheat inventories, analysts said.

Corn futures declined on a surprise increase in the USDA’s forecast of global corn supplies while soyabean futures firmed in choppy trade, underpinned by tight US supplies of the oilseed.

As of 1:11 p.m. CST (1911 GMT), Chicago Board of Trade May wheat was up 9 cents at $6.55-1/2 per bushel, although the contract stayed inside of Monday’s trading range.

CBOT May corn was down 2-1/2 cents at $5.44-1/2 a bushel and May soyabeans were up 4-1/4 cents at $14.38 a bushel.

The USDA in its monthly supply/demand report cut its forecast of the amount of wheat left over at the end of the 2020/21 marketing year to 301.19 million tonnes, from 304.22 million tonnes in February, citing China’s demand for feed wheat. The figure was below the lowest in a range of analyst expectations. CBOT wheat also drew support as the dollar backed down from a 3-1/2-year high. A weaker currency in theory makes US grains more competitive globally.

Corn futures sagged after the USDA raised its projection for global corn ending stocks to 287.67 million tonnes, from 286.53 million last month, at a time when analysts were expecting a cut.

The USDA left its forecast of US corn ending stocks at 1.502 billion bushels, unchanged from February, while most analysts were expecting a reduction. CBOT soyabean futures fell after the report, due in part to the USDA’s raising its forecast of Brazil’s 2019/20 and 2020/21 soyabean harvests.

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