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U.S. wheat futures climb to 2-week high on crop concerns

Published 03/17/2015, 07:48 AM
Updated 03/17/2015, 07:48 AM
© Reuters.  U.S. wheat futures trade at 2-week high on crop damage

© Reuters. U.S. wheat futures trade at 2-week high on crop damage

Investing.com - U.S. wheat futures rose to a two-week high on Tuesday, as concerns over the health of the winter-wheat crop boosted prices.

On the Chicago Mercantile Exchange, US wheat for May delivery hit $5.1800 a bushel, the most since March 2, before trading at $5.1388 during U.S. morning hours, down 0.33 cents, or 0.06%.

A day earlier, the May wheat contract rallied 12.0 cents, or 2.39%, to settle at $5.1400 after the U.S. Department of Agriculture revealed that winter-wheat crop conditions deteriorated last week due to unfavorable weather.

Kansas winter wheat was rated 41% good to excellent, down from 46% in the previous week, while Oklahoma winter wheat was rated 40% good to excellent, compared to 42% in the previous week.

Meanwhile, US soybeans for May delivery dipped 3.62 cents, or 0.37%, to trade at $9.6638 a bushel after hitting an intraday low of $9.6520, a level not seen since February 3.

The May soybean contract declined 4.6 cents, or 0.49%, on Monday to close at $9.6920 amid optimism over the outlook for supplies in Brazil and Argentina.

Elsewhere on the Chicago Board of Trade, US corn for May delivery shed 1.82 cents, or 0.48%, to trade at $3.7738 a bushel.

On Monday, US corn for May delivery hit $3.7540, the weakest level since February 3, before ending at $3.7900, down 1.4 cents, or 0.39%.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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