June 9, 2017 / 1:29 AM / 2 months ago

GRAINS-Wheat edges higher, set for biggest weekly gain in 8 months

3 Min Read

    SYDNEY, June 9 (Reuters) - U.S. wheat futures edged higher on Friday as dry
weather across key North American producing regions stoked concerns of potential
production losses, pushing the grain towards its biggest weekly gain in eight
months.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade have
gained nearly 5 percent so far this week, the biggest one-week gain since
October 2016.
    * The most active corn futures have risen more than 3 percent for the
week, the biggest one-week gain since March 3.
    * The most active soybean futures are up nearly 2 percent for the
week, the biggest weekly rally since Feb. 10.
    * Hot weather in the central United States is expected over the weekend,
potentially stressing both corn and wheat crops.
    * Imports of soybeans to China, the world's largest buyer of the oilseed,
rose in May by 25 percent from a year ago to the highest on record as a backlog
of previously purchased supplies landed in the country, customs data showed on
Thursday.
         
    MARKET NEWS  
    * The pound fell sharply in early trade on Friday after a British election
exit poll showed Prime Minister Theresa May's Conservative Party falling short
of a majority, likely resulting in a hung parliament.  
    * Oil prices continued to slide, adding to sharp declines from earlier this
week as evidence mounted that a fuel supply overhang continued despite an
ongoing effort led by OPEC to tighten the market by holding back production.
  
    * The "Trump trade" made a comeback on Thursday on Wall Street but the S&P
and Dow industrials ended flat as former FBI director James Comey said President
Donald Trump fired him to undermine an investigation into Russian meddling into
last November's U.S. election.  
    
    DATA AHEAD (GMT) 
0130  China             Consumer prices               May 
0130  China             Producer prices               May 
0600  Germany           Trade balance                 Apr 
0645  France            Industrial output             Apr 
0830  Britain           Industrial output             Apr 
1400  U.S.              Wholesale sales               Apr 
        
 Grains prices at  0104 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   449.75     0.50    +0.11%       +1.12%  435.48    74
 CBOT corn    384.75    -1.00    -0.26%       +0.00%  372.24    67
 CBOT soy     939.00     1.00    +0.11%       +0.89%  950.18    58
 CBOT rice     11.23   -$0.01    -0.04%       -0.04%  $10.62    71
 WTI crude     45.58   -$0.06    -0.13%       -0.31%  $48.19    26
 Currencies                                                       
 Euro/dlr     $1.118  -$0.003    -0.26%       -0.64%              
 USD/AUD      0.7535   -0.001    -0.09%       -0.15%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  

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