US wheat increases profits in tightening global supply

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BEIJING – US wheat prices rose on Thursday after India unexpectedly banned wheat exports and the Russia-Ukraine war was based on world grain markets.

* The most active wheat contract on the Chicago Board of Trade (CBOT) rose 1% to .4 12.43-1 / 2 a bushel.

* CBOT wheat has risen more than 8% in the last two days following reports of wheat bans in India and the poor state of US winter crops.

* CBOT soybeans rose 0.75% to .7 16.74 a bushel, boosting profits in the seventh session, while corn rose 0.45% to $ 7.85 a bushel.

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* India on Tuesday said it would allow shipments of foreign wheat pending customs clearance, introducing some opportunities for overseas sales after a major export ban on Saturday.

* The UN chief is expected to make public on Wednesday that he is in talks with Russia, Ukraine, Turkey, the United States and the European Union to recover Ukraine’s grain shipments and recover fertilizer exports from Russia and Belarus, UN officials said.

* Russia has seen more wheat exports in the new marketing season due to larger crops and stockpiles, IKAR consultants said on Wednesday.

* Brazil’s second corn crop is expected to reach 87.6 million tonnes in the 2021/2022 cycle, lower than the previous forecast of 92.2 million-tonnes, agribusiness consultancy Agroconsult showed on Wednesday.

* China lifts ban on Canadian canola seed imports that were imposed three years ago, Canadian officials said Wednesday.

Market news

Asian stocks pulled out of their fourth session on gains, but the recent rally has lost momentum due to worrying skepticism about inflation and dragging the rate out of the shadowy bit and piece of good news about the global growth outlook.

Data / Events (GMT)

0130 Australia Unemployment Rate April

1230 U.S. Primary Unemployed Clm Weekly

1230 US Philly Fed Business Indx May

1400 US Existing Home Sales April (Reporting by Halle Goo and Dominic Patton)

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