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Markets Print edition: 2020-01-11

CBOT wheat rallies ahead of USDA data

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By BR Web DeskRecorder Report

Chicago Board of Trade (CBOT) wheat futures rallied on Thursday on rising global prices, tightening stocks and forecasts for lower winter wheat seedings in the United States.

Traders squared positions ahead of a key US Department of Agriculture (USDA) crop report due at 11:00 a.m. CST (1700 GMT) on Friday. The report is expected to show tighter US and global stocks and lower US winter wheat seedings.

Actively traded CBOT March wheat gained 1.7%, its strongest gain since Dec. 16.

Top wheat importer Egypt bought 300,000 tonnes of wheat from Russia, Ukraine and Romania in a snap tender on Wednesday at prices about $7 per tonne above its previous purchase a month earlier.

Copyright Reuters, 2020

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