Content ID

331972

U.S. wheat futures end firm as spring crop ratings drop

CHICAGO, Aug 9 (Reuters) - U.S. wheat futures firmed on Tuesday after the U.S. Department of Agriculture (USDA) unexpectedly cut its spring crop rating in a weekly report and on spillover support from rising corn and soybean markets. * Strength in wheat, however, was limited by inter-market spreading, with traders selling wheat and buying corn and soybean contracts. More grain shipments exiting Ukraine's Black Sea ports also weighed on wheat. * The benchmark Chicago Board of Trade September soft red winter wheat futures contract settled 1-3/4 cents higher at $7.81-1/2 a bushel. * K.C. September hard red winter wheat for September delivery ended 4 cents higher at $8.51-3/4 a bushel. MGEX September spring wheat was up 12 cents at $8.92-3/4 a bushel. * The USDA said on Monday afternoon that spring wheat crop was rated 64% good to excellent, a 6 percentage-point drop from a week earlier. Analysts had expected good-to-excellent ratings for spring wheat to remain stable with last week. * Traders are squaring positions ahead of the U.S. Department of Agriculture's (USDA) monthly supply-and-demand report due on Friday. * Grain markets are monitoring export shipments from Ukraine's Black Sea ports. Twelve vessels have departed as part of a deal to unblock ports. (Reporting by Karl Plume in Chicago Editing by Matthew Lewis)

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