SYDNEY, June 7 U.S. wheat futures rose more than
0.5 percent on Wednesday to hold near a more than two-week high
as concerns about dry weather forecasts threatened production of
* The most active wheat futures on the Chicago Board Of
Trade rose 0.8 percent to $4.39 a bushel, having closed up
1.5 percent on Tuesday when prices hit a high of $4.40-3/4 a
bushel - the highest since May 22.
* The most active soybean futures rose 0.6 percent to
$9.28-3/4 a bushel, having firmed 0.2 percent on Tuesday.
* The most active corn futures rose 0.6 percent to
$3.79-1/2 a bushel, having gained 1.1 percent in the previous
session when prices hit a high of $3.79-3/4 a bushel - the
highest since March 7.
* The U.S. Department of Agriculture late Monday rated 55
percent of the U.S. spring wheat crop in good to excellent
condition, down from 62 percent a week earlier and 79 percent a
* Spring wheat is a high-protein variety prized by millers
for its quality. Concerns about the crop come at a time when
traders are anxious about tightening supplies of high-protein
* Corn was supported by forecasts for warm, dry weather,
threatening U.S. crops.
* Corn ratings improved last week. The USDA rated 68 percent
of the U.S. crop as good to excellent, up from 65 percent a week
* The dollar wallowed near a six-week low against the
safe-haven yen on Wednesday, with traders cautious ahead of
Britain's general election, a European Central Bank policy
decision and testimony by former FBI Director James Comey.
* Oil prices dipped on Wednesday, with Brent crude futures
failing to find support at $50 per barrel, as global fuel
markets remained oversupplied, although rising tension in the
Middle East and falling U.S. inventories lent some support.
* Major U.S. stock indexes ended near session lows on
Tuesday as traders shied away from risky assets ahead of major
political and economic headlines expected on Thursday.
DATA AHEAD (GMT)
China Forex reserves May
0600 Germany Industrial orders Apr
0900 Euro zone Revised GDP Q1
1900 U.S. Consumer credit Apr
Grains prices at 0111 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 439.00 3.25 +0.75% +2.21% 433.92 68
CBOT corn 379.50 2.25 +0.60% +1.74% 370.92 65
CBOT soy 928.75 5.25 +0.57% +0.73% 951.34 45
CBOT rice 11.05 -$0.04 -0.41% +0.05% $10.49 60
WTI crude 48.01 -$0.18 -0.37% +1.29% $48.51 41
Euro/dlr $1.127 $0.000 -0.04% +0.16%
USD/AUD 0.7504 0.000 -0.03% +0.28%
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)