Wheat rises on European supply issues, corn and soy on greater demand
Wheat, corn and soybeans supported by short-covering
EU cuts 2024/25 wheat crop, export estimates
Corn and soybeans up on increased demand
Updates prices
By Renee Hickman
CHICAGO, Aug 30 (Reuters) -Chicago wheat rose on Friday, and registeredits biggest weekly gain in more than three months on concerns over lower production in Europe.
Soybeans rose to a three-week high and corn inched up with rising demand for the crops, according to analysts.
The most-active wheat contract on the Chicago Board of Trade Wv1 settled up 2-3/4 cents to $5.51-1/2 per bushel, and corn Cv1 ended up 5 cents to $4.01 per bushel.
Soybeans Sv1 added 7-1/2 cents to finish at $10 per bushel, climbing to the highest level since Aug. 9.
The wheat market, which gained more than 4% this week, had itsbiggest weekly gain since mid-May. Soybeans rose nearly 3% this week, their biggest weekly rise in four months, and corn saw its first weekly rise in five weeks.
The European Commission on Thursday cut its estimate for usable production of common wheat in the European Union in 2024/25 to 116.1 million metric tons from 120.8 million forecast a month earlier, a four-year low.
Market players have raised concerns that recent hot, dry weather in the Midwest will dent expectations of bumper U.S. corn and soy crops. However, rainfall and forecasts for milder weather have allayed concerns, traders said.
Exporters sold 132,000 tons of U.S. soybeans to China and 100,000 tons of soymeal to Colombia, the U.S. Department of Agriculture said in a daily reporting system on Friday.
U.S. corn and soybean export sales for the week ended Aug. 22 came in above analyst expectations for 2024/25 sales.
"We're doing a little bit better on demand. We're seeing some corn sales and China's coming in finally buying some soybeans," said Bill Lapp, president of Advanced Economic Solutions.
Reporting by Renee Hickman in Chicago, Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Rod Nickel
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