SYDNEY, June 16 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
* 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.
* 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
* NOPA said its members crushed 149.246 million bushels during May, the
second busiest May on record.
* 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
* 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
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)