GRAINS-Wheat hits near 3-week high on USDA stock forecast

CANBERRA, Oct 1 (Reuters) – U.S. wheat futures edged up to near a three-week high on Friday, after the U.S. Department of Agriculture (USDA) pegged stocks at their lowest level since 2007.


* The most active wheat futures on the Chicago Board Of Trade were up 0.5% at $7.29 a bushel by 0245 GMT, after closing up 2.1% on Thursday when prices hit a Sept. 7 high of $7.32-3/4 a bushel.

* Wheat is up more than 0.5%, set for a third straight weekly jump.

* The most active soybean futures down 2.5% for the week, their biggest weekly slide since Aug. 20.

* The most active corn futures up more than 1% for the week after closing little changed in the previous week.

* U.S. farmers produced 1.646 billion bushels of wheat in 2021, down from 1.826 billion a year ago, according to the USDA’s small grains summary report on Thursday. And domestic wheat stocks on Sept. 1 stood at 1.780 billion bushels, the USDA said in its quarterly stocks report.

* U.S. soybean stocks pegged at a five-year low of 256 million bushels, but this was bigger than analysts were expecting.


* The dollar began the last quarter of 2021 near its highest levels of the year and headed for its best week since June, as currency markets braced for U.S. interest rates to rise before those of major peers.

* Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil.

* Asian equities followed Wall Street sharply lower and bonds rallied on Friday as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked.

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