June 29, 2017 / 12:51 AM / a month ago

GRAINS-Wheat up for 3rd session, U.S. weather concerns support

4 Min Read

    SINGAPORE, June 29 (Reuters) - Chicago wheat futures rose
for a third consecutive session on Thursday with prices
underpinned by dry weather threatening to reduce U.S. spring
crop production.
    Soybeans gained more ground in early Asian trade while corn
was unmoved with pressure from beneficial weather.
    
    FUNDAMENTALS
    * The wheat market has been supported as crop conditions in
the northern U.S. Plains spring wheat region have deteriorated
sharply in the last month due to hot and dry weather.
    * Analysts expect the U.S. Department of Agriculture on
Friday to lower its estimate of U.S. spring wheat plantings for
2017. Given anecdotal reports of farmers baling spring wheat
fields this month for hay, traders will also monitor the
government's forecast of harvested acres.
    * Russia has started grain harvesting in its southern
regions, with yields so far lower than at the same date a year
ago, following a delay caused by rainy weather, the Agriculture
Ministry said in statement on Wednesday.
    * The world's leading global wheat exporter is widely
expected to harvest a major grain crop this year, although it
will be lower than the record crop in 2016.
    * CBOT soybeans firmed while corn is under pressure after
beneficial showers moved across top producer Iowa overnight.
However, forecasts called for warmer and drier conditions in the
Midwest after the Fourth of July holiday.
    * Traders were squaring positions ahead of the USDA's
acreage and quarterly stocks reports, publications that often
trigger sharp price movements.
    * Commodity funds were net sellers of Chicago Board of Trade
corn futures contracts on Wednesday and net buyers of soybeans
and wheat, traders said.
    
    MARKET NEWS
    * The euro hit a one-year high against the U.S. dollar on
Wednesday and the British pound rallied on bets that Europe's
and Britain's central banks are preparing to scale back monetary
stimulus, while bank stocks led a rebound on Wall Street.

    
    DATA AHEAD (GMT) 
0600  Germany            GfK consumer sentiment             Jul 
0900  Euro zone          Business climate                   Jun 
0900  Euro zone          Consumer confidence final          Jun 
1200  Germany            Consumer prices                    Jun 
1230  U.S.                    GDP final                     Q1 
1230  U.S.                    Weekly jobless claims
        
 Grains prices at  0029 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  474.50  1.50    +0.32%   +1.17%       459.98  55
 CBOT corn   356.75  0.00    +0.00%   -0.70%       371.78  25
 CBOT soy    923.00  1.25    +0.14%   +1.29%       928.39  39
 CBOT rice   11.75   $0.00   +0.00%   +5.10%       $11.17  60
 WTI crude   44.81   $0.07   +0.16%   +1.29%       $46.60  53
 Currencies                                                
 Euro/dlr    $1.138  $0.001  +0.05%   +0.40%               
 USD/AUD     0.7639  0.000   -0.01%   +0.75%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Richard Pullin)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below