Reuters logo
GRAINS-Wheat extends gains, hits 5-day high on short-covering
October 11, 2016 / 1:32 AM / a year ago

GRAINS-Wheat extends gains, hits 5-day high on short-covering

SYDNEY, Oct 11 (Reuters) - U.S. wheat rose for a second
consecutive session on Tuesday to hit a five-day high, with
prices supported as traders exited record short positions.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade climbed 0.37 percent to $4.05-1/4 a bushel. That was
near their session-peak of $4.05-3/4 a bushel - the highest
since Oct. 6. Wheat closed up 2.3 percent on Monday.
    * The most active soybean futures fell 0.1 percent to
$9.53-1/2 a bushel, having closed down 0.24 percent on
Wednesday.
    * The most active corn futures rose 0.15 percent to
$3.43-3/4, having gained 1 percent in the previous session.
    * As of Oct. 4, commodity funds held their largest net short
position in CBOT wheat on record, weekly data released on Friday
from the U.S. Commodity Futures Trading Commission showed,
leaving the market vulnerable to short-covering rallies.
 
    * The U.S. Department of Agriculture is expected on
Wednesday to trim its estimate of the U.S. corn yield in its
monthly supply/demand reports. 
    * Analysts expect the USDA on Wednesday to raise its
forecast of the U.S. soybean yield, which the government has
already projected at a record-high 50.6 bushels per acre.
    * Soybeans came under pressure following an active harvest
weekend in the U.S. Midwest. 
         
    MARKET NEWS  
    * The dollar firmed in early Asian trading on Tuesday, while
recently beleaguered sterling held close to recent lows on
continuing fears about the likely impact on Britain from exiting
the European Union.  
    * Oil prices edged down early on Tuesday but held near
one-year highs touched on growing expectations of an output cut
by OPEC producers, and traders said the price outlook remains
bullish as confidence in crude markets rises.  
    * U.S. stocks rose on Monday as energy shares gained with
oil prices and as Apple jumped due to rival Samsung Electronics'
worsening smartphone recall crisis.  
    
    DATA AHEAD (GMT) 
0900  Euro zone      Labour costs                        Q2 
1230  U.S.           Consumer prices                     Aug 
1400  U.S.           Univ of Michigan sentiment index    Sep 
1530  U.S.           Cleveland Fed CPI                   Aug 

 Grains
 prices at
  0110 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  405.  1.50  +0.3  +2.4  400.    61
 whea    25          7%    0%    74  
 t                                   
 CBOT  343.  0.50  +0.1  +0.9  334.    63
 corn    75          5%    5%    23  
 CBOT  953.  -1.0  -0.1  -0.5  959.    44
 soy     50     0    0%    2%    76  
 CBOT  10.2  $0.0  +0.2  +1.4  $9.7    81
 rice     6     3    4%    8%     6  
 WTI   51.2  -$0.  -0.2  +2.7  $46.    72
 crud     0    15    9%    9%    36  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  -$0.  -0.6  -0.1            
 /dlr    13   007    2%    7%        
 USD/  0.75  0.00  +0.1  +0.0            
 AUD     87     1    6%    7%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
 (Reporting by Colin Packham; Editing by Joseph Radford)

Our Standards:The Thomson Reuters Trust Principles.
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