February 28, 2017 / 2:54 AM / 5 months ago

GRAINS-Wheat prices set for biggest monthly gain in nearly 1-1/2 years

3 Min Read

    SYDNEY, Feb 28 (Reuters) - U.S. wheat edged up on Tuesday to
move away from near a one-week low touched the day before,
remaining on track for its biggest monthly gain in 17 months on
expectations of strong demand for U.S. exports.    
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade are up more than 4.5 percent for the month in what
would be the biggest such gain since September 2015.
    * Wheat prices have generally been buoyed by a U.S.
Department of Agriculture forecast earlier this month for strong
exports.
    * But the grain hit a near one-week low on Monday at $4.38 a
bushel, pressured by a favourable outlook for northern
hemisphere production.
    * The most active soybean futures are at a similar
level to the start of February.
    * The most active corn futures are up nearly 3 percent
for the month, their third consecutive monthly gain.
         
    MARKET NEWS  
    * The dollar was steady early on Tuesday, enjoying support
after U.S. President Donald Trump flagged a big boost in
government stimulus, and sought a "historic" increase in
military spending.  
    * U.S. crude oil edged higher for a second day on Tuesday,
underpinned by high compliance with OPEC's production cuts even
as the market remains anchored by rising U.S. production. 
    * U.S. stocks ended slightly higher on Monday and the Dow
closed at a record high for a 12th straight session.  
    
    DATA AHEAD (GMT) 
0745  France            Detailed GDP                        Q4 
0745  France            Producer prices                     Jan 
1330  U.S.              GDP 2nd estimate                    Q4 
1330  U.S.              Goods trade balance                 Jan 
1400  U.S.              S&P/Case-Shiller housing index      Dec 
1500  U.S.              Consumer confidence                 Feb 
   
 Grains prices at  0216 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   440.00     1.25   +0.28%       -1.79%   448.85    31
 CBOT corn    362.25     2.00   +0.56%       -0.48%   367.33    37
 CBOT soy    1027.00     5.00   +0.49%       +0.24%  1053.84    34
 CBOT rice      9.61   -$0.02   -0.21%       -0.93%    $9.86    35
 WTI crude     54.14    $0.09   +0.17%       +0.28%   $53.14    63
 Currencies                                                       
 Euro/dlr     $1.058   $0.000   -0.01%       +0.23%               
 USD/AUD      0.7686    0.002   +0.20%       +0.22%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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