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GRAINS-Wheat eases after 2-session rally, U.S. weather in focus
June 19, 2017 / 1:47 AM / 2 months ago

GRAINS-Wheat eases after 2-session rally, U.S. weather in focus

    SINGAPORE, June 19 (Reuters) - Chicago wheat slid almost 1
percent on Monday as the market took a breather after rallying
around 5 percent in the last two sessions on the back of dry
weather hitting U.S. yields.
    Corn gave up 1.5 percent, while soybean prices were little
changed in early Asian trade. 
    
    FUNDAMENTALS
    * Chicago wheat climbed to its highest in almost a
year at $4.68-1/2 a bushel on Friday as dry weather threatened
to reduce U.S. spring wheat crop production.
    * Reports of disappointing yields in early harvesting of the
hard red winter wheat provided additional support.
    * Forecaster Commodity Weather Group said that the rain
outlook was still very limited in the western Dakotas and
Montana during the next two weeks, which will hinder development
of spring wheat in those areas.
    * Concerns about crops in the Black Sea region buoyed wheat
prices. Wheat exports from Russia, Ukraine and Kazakhstan were
expected to fall 3.3 percent to 50.4 million tonnes in the
upcoming season, which starts on July 1, according to a Reuters
poll. Production was also seen falling.
    * The monthly U.S. National Oilseed Processors Association
report released on Thursday, which showed crushings well above
analyst forecasts, was still adding strength to the soybean
market.
    * Large speculators trimmed their net short position in
Chicago Board of Trade corn futures in the week to June 13,
regulatory data released on Friday showed. 
    * The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that noncommercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and trimmed their net short
position in soybeans. 
    
    MARKET NEWS
    * Asian stocks began the week modestly higher on Monday
after Wall Street offered little guidance, while sterling and
the euro steadied before the start of talks over the terms of
Britain's exit from the European Union.
    
    DATA AHEAD (GMT) 
0130  China       House prices            May
    
 Grains prices at  0129 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  461.00  -4.25   -0.91%   +1.60%       436.21  69
 CBOT corn   378.25  -5.75   -1.50%   -0.33%       373.97  51
 CBOT soy    938.75  -0.25   -0.03%   +0.43%       943.28  58
 CBOT rice   11.34   -$0.06  -0.57%   -1.22%       $10.94  60
 WTI crude   44.51   -$0.23  -0.51%   +0.11%       $47.72  31
 Currencies                                                
 Euro/dlr    $1.120  $0.000  -0.02%   +0.47%               
 USD/AUD     0.7624  0.001   +0.11%   +0.63%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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