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Wheat Futures Tumble on Increasing Global Supply Estimates

U.S. crop ratings, increased Russian forecast curb wheat

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Reuters reports U.S. grain and soybean futures slumped on Tuesday with strong crop ratings and increased forecasts for global harvests pushing Chicago Board of Trade wheat to a one-month low.

Wheat prices came under pressure after the U.S. Department of Agriculture, in a weekly report issued late on Monday, rated 60 percent of the U.S. winter wheat crop in good to excellent condition.

Other notes:

  • U.S. crop ratings, increased Russian forecast curb wheat
  • Corn ticks down after rising on U.S. planting delays
  • Soybeans also subdued, investors await U.S.-China news

See the full report here.

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