GRAINS-Wheat futures set for biggest weekly gain in 4 years on U.S. weather concerns

Chicago wheat futures edged higher on Friday to be on track for their biggest weekly gain in four years, as adverse weather in parts of the United States and Canada stoked concerns about global supplies.

Corn and soybeans were set to finish the week on a positive note.

“Dryness is curbing potential for U.S. and Canadian crop yields,” said one Singapore-based grains trader.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 0.3% at $6.73-3/4 a bushel by 0202 GMT, near the session high of $6.76 a bushel – the highest since July 1.

Wheat is up nearly 10% for the week, the biggest weekly gain since June 2017.

Corn Cv1 is up more than 7% this week and soybeans Sv1 have gained 4%.

Wheat is drawing support from unfavourable weather across the Northern Plains and Canadian Prairies.

For soybeans, the National Oilseed Processors Association (NOPA) said its members crushed 152.4 million bushels of soybeans in June, the smallest monthly crush in two years.

Commodity funds were net buyers of CBOT wheat and soyoil futures contracts on Thursday and net sellers of corn, soybean and soymeal futures, traders said. COMFUND/CBT
Source: Reuters (Reporting by Naveen Thukral; editing by Uttaresh.V)


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