(Reuters) – U.S. wheat futures rose for a second straight session on Wednesday, supported by expectations of strong export demand and forecasts for potentially crop-damaging weather.
FUNDAMENTALS
Chicago Board Of Trade March wheat rose 0.11 percent to $6.69 a bushel, having closed up 1 percent on Tuesday.
January soybeans rose 0.24 percent to $16.73-1/2 a bushel, having slid 0.11 percent on Tuesday.
March corn was unchanged at $4.31-1/4 a bushel, having gained 1.6 percent in the previous session.
A cold snap late this week could pose a threat to portions of the U.S. hard red winter wheat crop, MDA Weather Services said on Tuesday.
Nearly 2 million tonnes of U.S. corn heading to China face stringent testing for an unapproved genetically modified variety after several cargoes were denied entry by state quarantine authorities, taking exporters and grain traders by surprise.
MARKET NEWS
The yen was squeezed higher across the board early in Asia on Wednesday, enjoying a bit of a reprieve as investors locked in profits ahead of major risk events including U.S. jobs data due later in the week.
U.S. oil futures rose more than $2 a barrel to a four-week high on Tuesday for a third straight session on ideas the January start-up of a pipeline from Cushing, Oklahoma, to the Gulf Coast would drain crude stocks at the storage hub.
The Dow and the S&P 500 fell for a third straight day on Tuesday, dropping from record levels as investors took profits amid signs of a weak holiday shopping season.
