GRAINS-Wheat extends rally on short covering, Russia duty hike; corn, soy firm
BEIJING, Sept 16 (Reuters) - Chicago wheat futures rose for a fourth successive session on Tuesday, supported by short covering, a hike in Russia's export duty and brisk U.S. export demand.
Corn and soybeans also firmed, helped by weakening crop ratings, with the government considering potential economic aid amid trade disputes and record yields.
FUNDAMENTALS
* As of 0121 GMT, the most active wheat contract on the Chicago Board of Trade Wv1 rose 0.43% to $5.27 per bushel.
* Corn Cv1 gained 0.41% to $4.25 a bushel, while soybeans Sv1 added 0.26% to $10.46 per bushel.
* Russia, the world's largest wheat exporter, will increase its wheat export duty almost threefold starting on September 17, the Agriculture Ministry said on Friday.
* Strong weekly export inspections data lent further support to wheat, with the USDA reporting 755,073 metric tons inspected last week, well above trade forecasts.
* The U.S. spring wheat harvest was 94% complete, while winter wheat planting reached 11%, up from 5% last week, a weekly USDA report showed on Monday.
* U.S. corn and soybean crop conditions declined from the previous week as early harvesting advanced.
* U.S. and Chinese officials met in Spain and reached a potential deal on TikTok, but offered no update on agricultural trade. China has avoided U.S. supplies for the 2025/26 crop year.
* Agriculture Secretary Brooke Rollins said on Monday the USDA is working with Congress to evaluate whether economic aid might be needed for the nation's farmers this autumn.
* Commodity funds were net sellers of CBOT corn and soybean futures on Monday, traders said. COMFUND/CBT
MARKET NEWS
* The dollar traded near a 2-1/2 month low against the euro and close to a 10-month trough versus the risk-sensitive Aussie on Tuesday as investors cemented bets for a Federal Reserve interest rate cut this week and more to follow. MKTS/GLOB
DATA/EVENTS (GMT)
1230 US Import Prices YY, Retail Sales MM Aug
1315 US Industrial Production MM Aug
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