Wheat jumps as USDA crop condition report raises supply fears

US wheat crop supply usda
Gulf

Wheat jumps as USDA crop condition report raises supply fears

CANBERRA - U.S. wheat futures rose 1% on Tuesday, extending gains into a fifth session, as global supply concerns grew after the U.S. Department of Agriculture pegged the conditions of crops below market forecasts. FUNDAMENTALS * The most-active wheat futures on the Chicago Board Of Trade were up 1% at $7.04-1/2 a bushel by 0204 GMT, having closed up 0.8% on Monday when prices hit a May 18 high of $7.09-1/2 a bushel. * The most-active soybean futures were up 0.9% to $13.84-1/2 a bushel, having closed down 1.4% on Monday. * The most-active corn futures were up 0.8% to $5.56-1/2, having closed little changed in the previous session. * The U.S. Department of Agriculture pegged the U.S. spring wheat crop as 11% good to excellent, down from 16% a week earlier and slightly below analysts' expectations. * Additionally, 63% of spring wheat was rated "poor" or "very poor," up from 55% a week earlier. * Corn was rated 65% good to excellent, 1 point below expectations, while soybeans were in line with analyst predictions. * Russia's 2021 wheat crop expectations dropped following hot and dry weather in southern Russia, while Ukrainian wheat export prices rose last week on harvest