February 3, 2017 / 2:45 AM / 6 months ago

GRAINS-Wheat edges away from 5-mth high, but set for weekly gain

4 Min Read

    SYDNEY, Feb 3 (Reuters) - U.S. wheat inched down on Friday
to move further away from its highest in more than five months
touched the session before, although it was still set for a
weekly climb of well over 3 percent on strong demand for U.S.
exports.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were on track to rise nearly 3.5 percent for the
week in what would be their biggest such gain in a month.
    * Wheat on Thursday hit its highest since Aug. 22 at
$4.37-3/4 a bushel.
    * The most active soybean futures were on course to
end the week down 1 percent in their second straight weekly
loss.
    * The most active corn futures were up nearly 1.5
percent for the week, recouping much of their 2-percent loss
from the week before.
    * The U.S. Department of Agriculture said weekly old-crop
export sales of wheat totalled 451,200 tonnes in its latest
reporting week. Analyst forecasts for weekly old-crop export
sales wheat ranged from 250,000 to 450,000 tonnes. New-crop
wheat export sales were 59,000 tonnes, in line with market
expectations.
    * Soybean prices have been pressured as crop weather
improves in Argentina, while harvesting in Brazil is on track
for a record crop of more than 100 million tonnes.
         
    MARKET NEWS  
    * The dollar took a breather in early Asian trade on Friday
as investors awaited U.S. employment data for clues to the
timing of the Federal Reserve's next interest rate hike. 
    * Oil prices edged up on Friday on news that U.S. President
Donald Trump could be poised to impose new sanctions on multiple
Iranian entities, firing geopolitical tensions between the two
nations.  
    * U.S. stocks ended little changed on Thursday as the recent
rally continued to stall following President Donald Trump's
latest comments on trade and the policies he will pursue.  
    
     DATA AHEAD (GMT) 
0145  China           Caixin manufacturing PMI final     Jan 
0850  France          Markit services PMI                Jan 
0855  Germany         Markit services PMI                Jan 
0900  Euro zone       Markit services PMI final          Jan 
1000  Euro zone       Retail sales                       Dec 
1330  U.S.            Nonfarm payrolls                   Jan 
1330  U.S.            Unemployment rate                  Jan 
1500  U.S.            Factory orders                     Dec 
1500  U.S.            ISM non-manufacturing PMI          Jan 

    
 Grains prices at  0212 GMT
 Contract         Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat     434.00    -0.50   -0.12%       +0.06%  419.95    63
 CBOT corn      367.50     0.00   +0.00%       -0.20%  359.49    61
 CBOT soy      1040.50     3.25   +0.31%       +0.36%  1030.8    50
                                                            6  
 CBOT rice        9.59    $0.05   +0.52%       +0.58%   $9.70    42
 WTI crude       53.87    $0.33   +0.62%       -0.02%  $52.91    60
 Currencies                                                        
 Euro/dlr       $1.076   $0.000   +0.05%       -0.04%              
 USD/AUD        0.7648   -0.001   -0.09%       +0.87%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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