GRAINS-Wheat edges lower, holds near 3-week high on cold weather fears

CANBERRA, Feb 23 (Reuters) - U.S. wheat futures edged lower on Tuesday, though prices lingered near a three-week high amid concerns that cold weather across a key U.S. growing region could threaten production in the world's largest exporter.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.5% at $6.66-3/4 a bushel by 0229 GMT, having ended up 2.2% on Monday.

* Wheat hit a three-week high of $6.72 on Feb. 19.

* The most active soybean futures were up 0.2% at $13.87 a bushel, having firmed 0.5% on Monday.

* The most active corn futures were up 0.4% at $5.52-3/4 a bushel, having gained 1.5% in the previous session.

* Cold weather across U.S. Great Plains threaten production.

* Consultancy AgRural said farmers in Brazil had harvested just 15% of their soybeans as of last Thursday. The harvest pace was the slowest in the past 10 years.

MARKET NEWS

* The dollar nursed losses near a six-week low on Tuesday while commodity currencies loitered around multi-year highs, as investors' focus shifted to how U.S. Federal Reserve chief Jerome Powell might respond to resurgent inflation expectations.

* Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week.

* Asian stocks dipped on Tuesday as rising U.S. Treasury yields and inflation prospects led to a further rotation out of the big tech stocks responsible for a major Wall Street rally during the pandemic.

(Reporting by Colin Packham; Editing by Vinay Dwivedi)

© Copyright Thomson Reuters 2021. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Increased UTV bed protection

UTV bedliner I use my UTVs around the farm for many purposes including picking up rocks. I also use them for recreation, and I like to keep them clean... read more

Talk in Marketing