Wheat, soybeans climb

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SINGAPORE – Chicago wheat rose above $7 a bushel for the first time in nearly three weeks on Tuesday after a US government report showed the condition of winter crop at an all-time low, and several Eastern European countries banned grain imports from Ukraine, raising global supply concerns.

Soybeans edged higher on support from strong US processing data, while corn firmed on slow pace of US planting.

“The USDA’s latest weekly crop progress report for the US shows that the winter wheat crop condition remains poor due to extended drought conditions in major producing regions,” ING said in a note.

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The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.9 percent at $7.13-1/2 a bushel, after climbing earlier in the session to its highest since March 29 at $7.14-1/4 a bushel.

Soybeans rose 0.6 percent to $14.93-3/4 a bushel and corn added 0.3 percent to $6.44-1/4 a bushel.

The US Department of Agriculture (USDA) on Monday rated 27 percent of US winter wheat in good to excellent condition, unchanged from a week ago and the lowest for this time of year in records dating to the late 1980s. – Reuters

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