Wheat prices edge up ahead of USDA report

Close up of ripe wheat ears against beautiful sky with clouds. Selective focus.

FUNDAMENTALS

* Chicago Board of Trade November soybeans were little changed at $8.66-1/2 a bushel, having firmed 0.4 percent on Monday.

* December corn was unchanged at $3.66-3/4 a bushel, after closing down 1.7 percent in the previous session when prices hit a near two-month low of $3.66-1/2.

* December wheat rose 0.1 percent to $5.02-1/4 a bushel, after closing down 4 percent on Monday when prices marked a two-week low.

* The U.S. Department of Agriculture pegged U.S. winter wheat at 51 percent good-to-excellent, ahead of the five-year average of 49 percent.

* The U.S. corn harvest was seen at 93 percent complete, 7 percent ahead of the five-year average pace.

* The U.S soybean harvest was pegged at 95 percent complete, 3 percent ahead of the five-year average.

* Independent truckers in Brazil started an indefinite strike on Monday, blocking traffic in a few states in the agricultural powerhouse as they asked for President Dilma Rousseff’s impeachment, according to federal highway police.

* The USDA’s monthly report, to be released on Tuesday, is expected to show that domestic soybean production and yields were bigger than previously forecast despite a reduction in the estimate of harvested acreage.

* The USDA on Monday said just 295,701 tonnes of corn were inspected for export last week, well below the range of trade expectations for 475,000 to 600,000 tonnes.

MARKET NEWS
* The dollar hovered just below a seven-month peak against a basket of major currencies early on Tuesday, having consolidated its payrolls-inspired rally in a subdued session overnight.

* Oil prices rose in early Asian trade on Tuesday after the head of OPEC forecast a more balanced market next year and the U.S. energy department said domestic production is likely to fall for an eighth consecutive month.

* The S&P 500 index suffered its worst loss in six weeks on Monday as Wall Street braced for an interest-rate hike and fretted about weak Chinese trade data.

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