Wheat futures on the Chicago Board of Trade closed higher on Tuesday, lifted by strength in soyabeans and corn, and by bargain-buying one day after values fell to four-week lows. Most-active CBOT July wheat settled up 4-3/4 cents at $4.61-1/4 per bushel.
K.C. hard red winter wheat and MGEX spring wheat futures also closed higher but trailed the advances in CBOT wheat. The US Department of Agriculture, in its first official supply/demand estimates for 2016/17, projected global wheat ending stocks at a record-high 257.3 million tonnes, topping a range of trade estimates.
The USDA projected US 2016/17 wheat endings stocks at 1.029 billion bushels, above an average of trade estimates. The USDA estimated the US 2016/17 winter wheat crop at 1.427 billion bushels, above the average analyst forecast of 1.384 billion. In a weekly crop report, the USDA late Monday rated 62 percent of the US winter wheat crop in good to excellent condition, up from 61 percent the previous week. CBOT reported 132 deliveries against the May soft red winter wheat contract and 59 deliveries against May K.C. hard red winter wheat. There were no deliveries against MGEX May spring wheat.
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