GRAINS-Wheat hits near 3-week high on USDA stock forecast

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CANBERA, Oct 1 (Businesshala) – U.S. wheat futures rose to a three-week high on Friday, after the U.S. Department of Agriculture (USDA) stock fell to its lowest level since 2007.

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* The most active wheat futures on the Chicago Board of Trade were up 0.5% at $7.29 per bushel 0245 GMT, after closing up 2.1% on Thursday when prices hit a September 7 high of $7.32-3/4 per bushel.

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* Wheat is up over 0.5%, set for third straight weekly jump.

* The most active soybean futures for the week were down 2.5%, their biggest weekly drop since Aug. 20.

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* Most active corn futures are up more than 1% for the week after closing with little change in the previous week.

* According to the USDA’s Small Grains Summary report on Thursday, US farmers produced 1.646 billion bushels of wheat in 2021, up from 1.826 billion a year earlier. And domestic wheat stocks stood at 1.780 billion bushels on Sept. 1, the USDA said in its quarterly stock report.

* US soybean stocks fell to a five-year low of 256 million bushels, but were bigger than analysts expected.

market news

* The dollar began the final quarter of 2021 near its highest level of the year and headed for its best week since June, as currency markets braced for US interest rates to rise ahead of key peers.

* Oil prices fell on the possibility that the OPEC+ supplier alliance could increase a planned increase in output to ease supply concerns, with rising gas prices prompting power producers to switch from gas to oil. can be inspired.

* Asian equities fell sharply after Wall Street and bonds edged higher on Friday as risk sentiment soured amid rising concerns that inflation could persist even after global growth peaks.

Reporting by Colin Packham; Editing by Rashmi Aichi

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