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GRAINS-Wheat jumps 1 pct to hit one-month high on crop loss fears
June 16, 2017 / 1:42 AM / 4 months ago

GRAINS-Wheat jumps 1 pct to hit one-month high on crop loss fears

    SYDNEY, June 16 (Reuters) - U.S. wheat futures rose 1 percent on Friday to
hit a more than one-month high on fears of widespread crop losses due to recent
unfavourable weather, and were headed for their biggest two-week gains in four
months.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up
more than 2.5 percent for the week, extending two-week gains to over 6.5 percent
- the biggest fortnightly rally since Feb. 10.
   * Wheat hit a high of $4.58 a bushel - the highest since May 2. 
    * The most active soybean futures were down less than 0.5 percent for
the week, having gained more than 2 percent last week.
    * The most active corn futures were down 2 percent for the week,
losing half of the gains from the previous week.
    * Wheat rallies on concerns recent dry weather will curb output of U.S.
spring crops.
    * U.S. soybean crushings were heavier than expected during May, with plants
in the eastern Midwest, Iowa and the Southwest sharply raising their pace of
processing during the month, the National Oilseed Processors Association said on
Thursday.
    * NOPA said its members crushed 149.246 million bushels during May, the
second busiest May on record.
         
    MARKET NEWS  
    * The dollar stood tall in Asia on Friday, on track for weekly gains against
a currency basket, after upbeat U.S. economic data gave investors reason to hope
the U.S. central bank will stick with its plan to hike rates.  
    * Oil prices settled lower for a second straight day on Thursday, as the
market was unable to rebound from Wednesday's decline on the back of a surprise
build in U.S. gasoline inventories and ongoing worries about heavy global
supply.  
    * A recent slump in technology stocks worsened on Thursday, dragging on
major U.S. indexes, while investors fretted about the economy's health after the
Federal Reserve lifted interest rates.  
    
    DATA AHEAD (GMT) 
0900  Euro zone      Inflation final                         May 
0900  Euro zone      Labour costs                            Q1 
1230  U.S.           Housing starts                          May 
1230  U.S.           Building permits                        May 
1400  U.S.           Univ of Michigan sentiment index        Jun
        
 Grains prices at  0056 GMT
 Contract      Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  458.00     4.25    +0.94%        +3.39%  435.34    71
 CBOT corn   379.00    -0.50    -0.13%        +0.53%  373.55    54
 CBOT soy    937.75     3.00    +0.32%        +0.64%  944.38    57
 CBOT rice    11.43   -$0.04    -0.39%        +3.63%  $10.89    66
 WTI crude    44.39   -$0.07    -0.16%        -0.76%  $47.77    27
 Currencies                                                       
 Euro/dlr    $1.115   $0.001    +0.08%        -0.58%              
 USD/AUD     0.7592    0.002    +0.21%        +0.09%              
 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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