March 29, 2017 / 2:54 AM / 7 months ago

GRAINS-Wheat edges higher, forecasts for rains cap gains

    * Wheat extends two-day gains to 1 pct
    * Rains across U.S. Plains will boost crops - analysts
    * Soybeans little changed, corn flat

    By Colin Packham
    SYDNEY, March 29 (Reuters) - U.S. wheat edged higher on
Wednesday, rebounding from a more than two-month low touched in
the previous session, though forecasts of crop-friendly weather
provided a ceiling to gains.
    Corn edged lower after closing up more than 0.5 percent in
the previous session, while soybeans fell to linger near a more
than five-month low.
    The most active wheat futures on the Chicago Board Of Trade 
 rose 0.1 percent to $4.25 a bushel, having closed up 0.9
percent on Tuesday.
    However, analysts said forecasts for wet weather across key
U.S. growing regions would likely limit support.
    "There are forecasts for rains over the next three or four
days, which will aid crop development. The fundamentals remain
bearish," said Andrew Woodhouse, grains analyst at Advance
Trading Australasia.
    The most active corn futures were unchanged at
$3.57-3/4 a bushel, having gained 0.6 percent in the previous
session.
    The outlook for rains across the Plains, the southern
Midwest and the Mississippi River Delta over the next week also
threatens to delay seeding in those areas, analysts said.
    The most active soybean futures were little changed at
$9.71-1/2 a bushel, having closed flat in the previous session.
    Soybeans were weighed down by ample global supplies, further
stoked by U.S. plantings for next season, analysts expect.
    Analysts expect a 5.7 percent jump in U.S. soybean sowings
from a year ago, but have forecast a reduction in corn planting
of 3.2 percent and an 8 percent cut in wheat sowings.

    
 Grains prices at  0219 GMT
 Contract      Last   Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  425.00     0.50    +0.12%       +1.01%   441.88    47
 CBOT corn   357.75     0.00    +0.00%       +0.56%   368.73    41
 CBOT soy    971.50    -0.50    -0.05%       +0.00%  1015.39    20
 CBOT rice     9.79    $0.04    +0.36%       -0.15%    $9.71    58
 WTI crude    48.53    $0.16    +0.33%       +1.68%   $50.82    49
 Currencies                                                       
 Euro/dlr    $1.082   $0.001    +0.06%       -0.42%               
 USD/AUD     0.7646    0.001    +0.17%       +0.41%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  

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