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GRAINS-Wheat firms to near six-week high as cold weather hits U.S.
January 9, 2017 / 1:47 AM / 7 months ago

GRAINS-Wheat firms to near six-week high as cold weather hits U.S.

SYDNEY, Jan 9 (Reuters) - U.S wheat futures rose nearly 0.5
percent on Monday as cold weather across North America raised
fears of potential crop damage, pushing prices towards a near
six-week high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.4 percent to $4.25 a bushel, having closed
down 0.7 percent on Friday when prices touched a high of $4.28 -
the highest since Nov. 22. 
    * The most active soybean futures contract was little
changed at $9.94-1/4 a bushel, having closed down 1.8 percent on
Friday.
    * The most active corn futures rose 0.3 percent to
$3.59 a bushel, having slid 0.9 percent in the previous session.
    * U.S. wheat was drawing support from frigid winter
conditions, which raised concerns of potential crop damage.
 
    * The U.S. Agriculture Department said on Friday that weekly
soybean export sales fell to a lower-than-expected 87,700
tonnes, old and new crops combined, in the latest week from
979,200 tonnes a week ago. 
    * Soybean exports from the U.S. could be delayed as winter
conditions threaten to slow the movement of the oilseed to West
Coast ports, which may see international buyers switch to South
American supplies.
    * Corn export sales of 429,300 tonnes also fell below the
low end of trade forecasts. 
             
    MARKET NEWS  
    * The dollar got off to a steady start on Monday after signs
of wage pressure in the December U.S. jobs report pushed up
Treasury yields, but bulls were wary of a setback following last
week's wave of profit-taking.  
    * Oil prices fell early on Monday as Iran increased exports,
undermining efforts by other oil producers to curb a global fuel
supply overhang and as U.S. drillers increased activity for a
10th week.  
    * The Dow came within one point of 20,000 for the first time
on Friday and the Nasdaq and S&P 500 reached record highs,
boosted by Apple, extending a two-month rally fueled by optimism
about U.S. President-elect Donald Trump.  
    
    DATA (GMT)
0900 Germany Industrial Output for Nov 
1130 EZ Sentix Index 
1700 US Employment Trends for December
        
 Grains prices at  0121 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  425.00     1.75   +0.41%       -0.29%   409.35    69
 CBOT corn   359.00     1.00   +0.28%       -0.62%   354.45    60
 CBOT soy    994.25    -0.50   -0.05%       -1.80%  1029.28    36
 CBOT rice     9.67    $0.00   +0.00%       -0.62%    $9.80    54
 WTI crude    53.79   -$0.20   -0.37%       +0.06%   $51.68    62
 Currencies                                                      
 Euro/dlr    $1.054   $0.001   +0.05%       -0.64%               
 USD/AUD     0.7314    0.002   +0.32%       -0.30%               
 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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