Wheat, corn rally

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CHICAGO- Chicago Board of Trade wheat futures rallied on Tuesday, extending a six-day ascent to highs not seen in three months, after the US government announced another hefty private sale of US wheat to China.

Soybeans ended narrowly mixed as traders monitored crop weather in top soy producer Brazil, while corn rose for a fifth straight session.

Benchmark CBOT March wheat finished up 10-3/4 cents at $6.31-1/4 per bushel after reaching $6.36-1/4, the contract’s highest since Sept. 7.

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Wheat rose after US Department of Agriculture (USDA) confirmed private sales of 198,000 metric tons of US soft red winter wheat to China, the second such sale in as many days. Monday’s announcement that China had purchased 440,000 tons of the grain, the largest one-off US wheat export sale to China since at least 2020, added impetus to a recent rally.

“China typically doesn’t import wheat from us. We typically don’t sell wheat to anybody,” said Ed Duggan, a risk management specialist at Top Third Ag Marketing.

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