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US winter wheat futures surged to the highest level in at least four months on Tuesday, led by a more than 3 percent rally in hard red winter wheat, after the government slashed condition ratings for the drought-hit US Plains crop. Soyabeans and corn also advanced on technical buying and short covering amid concerns that poor weather in South America could trim production in major exporters Argentina and Brazil.
Commodity funds hold a sizable net short position in grain futures, leaving markets vulnerable to short-covering rallies. Condition ratings of US winter wheat declined in January in several southern US Plains states hit by drought, including top US producer Kansas, the US Department of Agriculture (USDA) said on Monday.
K.C. March HRW wheat surged 15 cents, or 3.3 percent, to $4.68 a bushel by 12:18 p.m. CST (1818 GMT), the contract's highest level since Sept. 29 and strongest percentage gain since July 3. Chicago Board of Trade March soft red winter wheat gained 5-3/4 cents to $4.55 a bushel. It was the highest price for the market's most actively traded contract in four months.
Concerns about dry weather in Argentina and ill-timed rains in Brazil, where farmers are trying to harvest soyabeans and plant winter corn, fueled gains in corn and soyabeans. Brazil is the world's top soyabean exporter and No. 2 corn supplier, while Argentina leads the globe in soyameal and soyaoil exports.
Meanwhile, recent rain in some areas of Brazil has slowed soyabean harvesting and could delay planting of winter corn. Rising export demand also supported corn after the USDA confirmed a fifth large export sale in six days via its daily sales reporting system. CBOT March corn rose 2-1/4 cents to $3.61 a bushel after hitting a five-month peak of $3.62-1/4. CBOT March soyabeans were up 8 cents at $9.99-1/2 after touching a 6-1/2-week high earlier in the session.

Copyright Reuters, 2018

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