December 20, 2016 / 1:55 AM / in 7 months

GRAINS-Wheat rebounds from 8-day low on cold weather concerns

3 Min Read

SYDNEY, Dec 20 (Reuters) - U.S. wheat edged higher on
Tuesday, rebounding from an eight-day low touched in the
previous session, as fears of production losses due to cold
weather across the United States provided some support.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.2 percent to $4.05-3/4 a bushel, having
closed down 1 percent on Monday when prices hit a low of $4.03 a
bushel - the lowest since Dec. 8.
    * The most active soybean futures fell 0.1 percent to
$10.20-1/2 a bushel, having closed down 1.5 percent on Monday.
    * The most active corn futures were little changed at
$3.53 a bushel after closing down 0.8 percent in the previous
session.
    * Cold weather in the United States threatens to damage some
U.S. production.
    * Since the weekend, parts of the U.S. Plains and Midwest
have experienced negative Fahrenheit temperatures, equivalent to
minus 18 degrees Celsius or lower, a level that can threaten
wheat crops depending on snow cover.
    * Roughly 20 percent of the hard red winter wheat crop in
the U.S. Plains is vulnerable to frost damage, an agricultural
meteorologist said on Friday. 
    * The U.S. Department of Agriculture through its daily
export sales reporting program announced sales of 264,000 tonnes
of U.S. soybeans to China and 128,000 tonnes of U.S. corn to
Japan. 
         
    MARKET NEWS  
    * The yen and the Swiss franc held firm on Tuesday after two
separate deadly attacks in Turkey and Germany raised security
worries in the West, while the Bank of Japan's policy decision
later in the day also saw buyers pile into the Japanese
currency.  
    * Oil prices moved very little on Tuesday, with liquidity
fading in the run-up to the Christmas weekend.  
    * Wall Street extended a recent rally on Monday but finished
the session short of earlier highs after several people were
killed by a truck driven into a Christmas market in Germany.
  
    
     DATA AHEAD (GMT) 
     0700  Germany               Producer prices             Nov
     0900  Euro zone             Current account             Oct
    
    
 Grains prices at  0135 GMT
 Contract        Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    405.75     0.75    +0.19%       -0.86%  417.13    61
 CBOT corn     353.00    -0.25    -0.07%       -0.98%  355.50    56
 CBOT soy     1020.50    -1.00    -0.10%       -0.83%  1020.6    43
                                                            6  
 CBOT rice       9.44   -$0.04    -0.37%       -0.26%   $9.68    34
 WTI crude      51.97   -$0.15    -0.29%       +0.13%  $48.56    59
 Currencies                                                        
 Euro/dlr      $1.041  -$0.004    -0.40%       -0.07%              
 USD/AUD       0.7250   -0.005    -0.74%       -1.43%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)

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