June 7, 2017 / 1:31 AM / 3 months ago

GRAINS-Wheat near 15-day high on fears for U.S. Hard Red production

    SYDNEY, June 7 (Reuters) - 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
high-protein supplies.
         
    FUNDAMENTALS  
    * 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
year ago.    
    * 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
wheat.
    * 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
earlier.
         
    MARKET NEWS  
    * 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
 Currencies                                                        
 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)
  

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