June 26, 2017 / 2:01 AM / a month ago

GRAINS-Wheat eases from one-year high, but output fears cap losses

3 Min Read

    SYDNEY, June 26 (Reuters) - U.S. wheat edged lower on
Monday, retreating from a one-year high touched in the previous
session, although concerns over production losses in the United
States and Europe provided a floor.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade fell 0.3 percent to $4.72 a bushel, having closed up
2.7 percent on Friday when prices hit a high of $4.80-1/2 a
bushel - the highest since June 2016. 
    * The most active soybean futures rose 0.5 percent to
$9.08-3/4 a bushel, having closed little changed on Friday.
    * The most active corn futures rose 0.8 percent to
$3.60-3/4 a bushel, having closed down 1.4 percent in the
previous session when prices hit a low of $3.56-1/2 a bushel -
the lowest since March 31. 
    * Wheat supported as hot temperatures and dry conditions
this year in the spring wheat growing area of the Dakotas
damaged young wheat plants.
    * The state of French soft wheat declined sharply in the
week to June 19, data from farming agency FranceAgriMer showed,
suggesting crops were already suffering from dry conditions
before a heatwave last week.
    * Corn under pressure from forecasts for largely benign
weather across key U.S. growing regions.
         
    MARKET NEWS  
    * The dollar sagged against its major peers on Monday,
losing traction as U.S. Treasury yields stayed low amid fading
expectations that the Federal Reserve to hike interest rates
again later this year.  
    * Oil prices rose early on Monday on a weaker dollar, but
increased U.S. drilling activity stoked worries that a global
supply glut would persist despite efforts by some producers to
curb output.  
    *  U.S. stocks ended higher on Friday after a last-minute
trading spike and a technology sector gain offset weakness in
financial stocks and sent the Nasdaq higher, giving it a weekly
gain for the first time in three weeks.  
    
    DATA AHEAD (GMT) 
0800  Germany           Ifo business climate                Jun 
1230  U.S.              Durable goods                       May
1230  U.S.              National activity index             May 
1430  U.S.              Dallas Fed manufacturing index      Jun
        
 Grains prices at  0144 GMT
 Contract        Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    472.00    -1.50   -0.32%       +2.33%  442.03    55
 CBOT corn     360.75     3.00   +0.84%       -0.55%  372.98    31
 CBOT soy      908.75     4.25   +0.47%       +0.53%  934.09    28
 CBOT rice      11.23   -$0.03   -0.22%       +1.13%  $11.11    51
 WTI crude      43.40    $0.39   +0.91%       +1.54%  $47.03    35
 Currencies                                                       
 Euro/dlr      $1.119   $0.000   +0.01%       +0.39%              
 USD/AUD       0.7571    0.001   +0.08%       +0.40%              
 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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