CANBERRA, Oct 21 (Reuters) - U.S. wheat futures rose on Thursday to their highest level in two weeks as concerns over global supplies underpinned the market.
FUNDAMENTALS
* The most-active wheat futures on the Chicago Board Of Trade were up 0.3% at $7.51-3/4 a bushel by 0105 GMT, near the session high of $7.53 a bushel - the highest since Oct. 7. Wheat closed up 1.8% on Wednesday.
* The most-active soybean futures were little changed at $12.45-1/2 a bushel, having firmed 1.4% on Wednesday.
* The most-active corn futures were little changed at $5.39 a bushel, having gained 1.7% in the previous session.
* Constant rains in recent weeks have delayed wheat planting in main production regions in China, a government official said on Wednesday.
* With the U.S. harvest of corn and soybeans more than halfway complete, some end-users are raising their basis bids as they work to draw out supplies from farmers.
* The U.S. Energy Information Administration said weekly production of corn-based ethanol in the latest week rose to 1.096 million barrels per day, the biggest weekly total since June 2019, while stockpiles increased to 20.080 million barrels.
MARKET NEWS
* Commodity currencies stood near multi-month highs on Thursday on strong raw material prices while the improved risk mood saw the U.S. dollar losing earlier momentum built from expectations the Federal Reserve would tighten monetary policy.
* Most stock indexes worldwide rose on Wednesday and the Dow Jones Industrial Average touched a record intraday high as more companies reported earnings that beat analysts' expectations, while oil prices jumped.
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
