March 7, 2017 / 2:49 AM / 5 months ago

GRAINS-Wheat extends gains on weather concerns; near 3-wk high

    SYDNEY, March 7 (Reuters) - U.S. wheat futures edged higher
on Tuesday as prices hovered near a three-week high touched in
the previous session, underpinned by concerns over potentially
unfavourable U.S. weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.1 percent to $4.59 a bushel, having closed up
1.1 percent on Monday when prices hit $4.62-1/2 a bushel, the
highest since Feb. 16. 
    * The most active soybean futures fell 0.2 percent to
$10.35-1/4 a bushel, having closed little changed on Monday.
    * The most active corn futures fell 0.1 percent to
$3.78 a bushel, having closed down 0.6 percent in the previous
session.
    * Wheat was supported by dry conditions hampering crop
development in the U.S. Plains, traders said. Concerns about the
early emergence of U.S. winter wheat, which would leave the crop
vulnerable to a cold snap in the next few weeks, were also
supportive.
    * Australia's 2017/18 wheat crop is expected to fall 32
percent, the country's chief commodity forecaster said. Farmers
in the world's No. 4 exporter will harvest 23.98 million tonnes
of wheat, the Australian Bureau of Agriculture, Resource
Economics and Rural Sciences forecast.
    * The U.S. Department of Agriculture on Monday reported that
weekly export inspections of wheat totalled 535,920 tonnes, near
the high end of market forecasts.
    * Soybean export inspections were a bigger-than-expected
921,779 tonnes. 
    * Dry weather improved conditions on a rugged Amazon road
that serves as the key link between soy fields and northern
ports, ending an immense backlog of trucks carrying the beans,
the Army said.
         
    MARKET NEWS  
    * The dollar held onto gains on Tuesday, lifted by the
Federal Reserve's near-certain March rate increase, while
political uncertainties over the French presidential election
weighed on the euro.  
    * U.S. oil prices eased in Asian trade on Tuesday after the
International Energy Agency (IEA) forecast U.S. shale output to
grow at about 1.4 million barrels per day by 2022.  
    * U.S. stocks pulled back on Monday in a broad decline as
investors grew uneasy over the latest tumult surrounding the
Trump administration and geopolitical tensions emanating from
North Korea.  
    
     DATA AHEAD (GMT) 
0100  China             Forex reserves                 Feb 
0900  Germany           Industrial orders              Jan 
1000  Euro zone         GDP Revised                    Q4 
1330  U.S.              International trade            Jan 
2000  U.S.              Consumer credit                Jan
    
    
 Grains prices at  0216 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   459.00     0.50   +0.11%       +1.38%   450.44    54
 CBOT corn    378.00    -0.50   -0.13%       -0.40%   374.68    55
 CBOT soy    1035.25    -2.00   -0.19%       -0.19%  1048.66    47
 CBOT rice      9.60    $0.02   +0.21%       -0.26%    $9.79    37
 WTI crude     53.18   -$0.02   -0.04%       -0.28%   $53.34    45
 Currencies                                                       
 Euro/dlr     $1.058  -$0.004   -0.36%       +0.72%               
 USD/AUD      0.7595    0.000   +0.01%       +0.32%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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