CBoT wheat futures rise from 3-week lows

The wheat futures prices have risen by up to 1.2% on the CBoT night market today, leaving their three-week low yesterday. Currently, the increase is still at 0.7%. The USDA had rated the crop conditions worse after trading than expected by market participants.
The rise was due to the fact that only 75% of US summer wheat stocks were in the top category "good-to-excellent", slightly higher than expected. Last Friday's USDA WASDE numbers suggested that global wheat production would make wheat stocks better off than previously expected.
Graphic: Saxo-Trader

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