Wheat extends rally on strong US exports, Russia duty hike; US-China talks in focus

Chicago wheat futures rose for a fourth straight session on Tuesday, supported by brisk U.S. export demand and a hike in Russia’s export duty. As of 0336 GMT, the most active wheat contract on the Chicago Board of Trade climbed 0.29% to $5.27 per bushel. Competitive pricing from U.S. suppliers and delays in shipments from the Black Sea have prompted Asian flour millers to ramped up imports of U.S. wheat in recent weeks, according to grain traders. On Monday, the United States Department of Agriculture (USDA) reported export inspections of U.S. wheat in the latest week at 755,073 metric tons, well above trade estimates. News that Russia, the world’s largest wheat exporter, will nearly triple its wheat export duty from September 17 also underpinned the market. Corn gained 0.18% to $4.24 a bushel, while soybeans added 0.02% to $10.43 per bushel, supported in part by weaker crop ratings as early harvesting advanced. Markets are eyeing a call between U.S. President Donald Trump and ...