US wheat futures rallied early on Thursday following the release of USDA's August crop reports that showed a sharp cut in world wheat production for 2010/11 amid the drought in Russia and on a big number for wheat in USDA's weekly export sales report. USDA cuts world wheat crop more than expected.
Chicago Board of Trade grain and soya complex trends at 10:09 am CDT (1509 GMT). September wheat up 30 cents at $7.24-3/4 per bushel. New-crop July up 24 cents at $7.12. Boosted by bullish USDA world wheat production data and USDA weekly export sales data. Drought in Russia bringing in demand for US wheat.
USDA said export sales of US wheat last week 1,350,200 tonnes, above estimates for 800,000 to 1 million. September corn up 11 cents at $4.06-1/2 a bushel. New-crop December up 11 cents at $4.22. August soyabeans up 12-1/4 cents at $10.56-3/4 per bushel; new-crop November up 11-1/2 cents at $10.27.
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