March 7, 2017 / 3:24 AM / 5 months ago

GRAINS-Wheat rises for third day, lingers near 18-day high

    * Wheat supported amid forecasts for unfavourable weather
    * USDA pegs export demand at upper-end of forecasts
    * Soybeans edge lower despite strong demand export demand

    By Colin Packham
    SYDNEY, March 7 (Reuters) - U.S. wheat rose for a third day
on Tuesday as forecasts for potential unfavourable weather
pushed the grain near a 18-day high.
    Corn edged lower, while soybeans also fell despite signs of
strong demand for U.S. supplies.
    The most active wheat futures on the Chicago Board Of Trade
 rose 0.3 percent to $4.59-3/4 a bushel by 0258 GMT, having
closed up 1.1 percent on Monday when prices hit $4.62-1/2 a
bushel, the highest since Feb. 16.    
    Wheat was supported by dry conditions hampering crop
development in the U.S. Plains, traders said. Concerns are
increasing about the early emergence of U.S. winter wheat, which
would leave the crop vulnerable to a cold snap in the next few
weeks.
    "The forecasters expect little rain and unseasonably warm
temperatures for the next week or so in U.S. hard red winter
wheat regions," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    "The hard red winter crop still has time on its side but a
consistent rise in night temperatures would transform the lack
of moisture from a worry to a problem."
    Wheat also drew support from signs of growing demand for
U.S. supplies.
     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.
    Wheat has been under sustained pressure in recent months
amid ample global supplies, though major exporters are likely to
see reduced production next season.
    Australia's 2017/18 wheat crop is expected to fall 32
percent on drier conditions, the country's chief commodity
forecaster said on Monday. 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 most active corn futures fell 0.1 percent to
$3.78-1/4 a bushel, having closed down 0.6 percent in the
previous session.
    The most active soybean futures fell 0.1 percent to
$10.36 a bushel, having closed little changed on Monday.
    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 on Monday.    
    
 Grains prices at  0258 GMT
 Contract        Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    459.75     1.25   +0.27%       +1.55%   450.47    54
 CBOT corn     378.25    -0.25   -0.07%       -0.33%   374.69    55
 CBOT soy     1036.00    -1.25   -0.12%       -0.12%  1048.68    47
 CBOT rice       9.60    $0.02   +0.21%       -0.26%    $9.79    37
 WTI crude      53.15   -$0.05   -0.09%       -0.34%   $53.34    45
 Currencies                                                        
 Euro/dlr      $1.059  -$0.004   -0.33%       +0.75%               
 USD/AUD       0.7598    0.000   +0.05%       +0.36%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)
  

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