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U.S. wheat futures hold near 6-week low ahead of USDA reports

Published 01/12/2015, 07:26 AM
U.S. wheat trades near 6-week low ahead of USDA reports
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Investing.com - U.S. wheat futures hovered near a six-week low on Monday, as investors squared positions ahead of key data from the U.S. Department of Agriculture due later in the session.

The USDA will publish its world grain supply and demand forecasts, quarterly U.S. grain stocks estimates and a first estimate of the 2015 U.S. wheat area later on Monday.

On the Chicago Mercantile Exchange, US wheat for March delivery inched up 0.53 cents, or 0.09%, to trade at $5.6413 a bushel during U.S. morning hours, after hitting a daily low of $5.6213.

On Friday, the March wheat contract hit $5.6160, a level not seen since November 28, amid easing concerns about damage to crops from frigid weather conditions in the U.S. Midwest and Great Plains-region.

Meanwhile, US corn for March delivery traded at $3.9738 a bushel, down 2.62 cents, or 0.66%. Prices held in a narrow range between $3.9738 and $4.0013 a bushel.

US corn for March delivery rallied 6.0 cents, or 1.52%, On Friday to settle at $4.0020, amid indications of strong demand for U.S. supplies.

Elsewhere on the Chicago Board of Trade, US soybeans for March delivery dipped 1.35 cents, or 0.13%, to trade at $10.5025 a bushel.

US soybeans for March delivery tacked on 4.0 cents, or 0.38%, to end at $10.5220 on Friday.

The March soybean contract rallied 44.8 cents, or 4.25%, last week, the biggest weekly gain since October, amid worries about damage to crops from dry weather in key South American growers.

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

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