Wheat hits 1-week high as market readies for increased US exports

CANBERRA: US wheat futures edged higher on Thursday as expectations of increased demand for US supplies pushed prices to a one-week high.

fundamentals

• The most-active wheat futures on the Chicago Board Of Trade were up 0.1% at $8.03-1/2 a bushel by 0218 GMT, near the session high of $8.04-3/4 a bushel - the strongest level since Nov. 2. Wheat closed up 3.1% on Wednesday.

  • The most-active soybean futures were up 0.3% at $12.20-1/2 a bushel, having firmed 0.4% on Wednesday.

  • The most-active corn futures were down 0.2% at $5.68 a bushel, having gained 2.6% in the previous session.

  • Top wheat exporter Russia may change the way it calculates grain export taxes in case of price hikes, Agriculture Minister Dmitry Patrushev said. Russia also plans to set export quotas for the first half of 2022.

  • The US Department of Agriculture on Tuesday issued a lower-than-expected US soybean crop estimate in a monthly crop report.