Wheat rebounds from 1-month low, corn near 3-year low

October 30th, 2013

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Category: Grains, Oilseeds

(Reuters) – U.S. wheat futures rose 0.5 percent on Wednesday on bargain hunting after hitting a one-month low a day earlier, as better growing conditions in the Black Sea region and Argentina helped offset confirmation of a deterioration in the U.S. wheat crop.

FUNDAMENTALS

Chicago Board Of Trade December wheat rose 0.55 percent to $6.85 a bushel, having closed flat on Wednesday.

November soybeans gained 0.12 percent to $12.80-1/2 a bushel, having firmed 0.6 percent on Monday.

December corn fell 0.12 percent to $4.31-1/2 a bushel, having gained 0.3 percent in the previous session.

Field reports continue to imply higher yields for corn and soybeans than the U.S. Department of Agriculture showed.

Planting and emergence rates for the U.S. winter wheat crop came in above historical averages, but crop conditions deteriorated, especially in Texas, the No. 5 producer in 2013.

MARKET NEWS

The dollar traded at one-week highs against a basket of major currencies early in Asia on Wednesday as investors further trimmed bearish positions ahead of the outcome of the Federal Reserve policy meeting.

Brent oil futures fell on Tuesday, giving back some of the previous session’s sharp gains, on expectations that fresh disruptions over the weekend in exports from OPEC member Libya could be short-lived.

The Dow and S&P 500 ended at record highs on Tuesday after economic data supported views that the Federal Reserve would keep its stimulus intact for several months.

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