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GRAINS-Wheat prices hover near 7-mth high, set for weekly gain of 3 pct
February 10, 2017 / 3:31 AM / 6 months ago

GRAINS-Wheat prices hover near 7-mth high, set for weekly gain of 3 pct

    SYDNEY, Feb 10 (Reuters) - U.S. wheat prices on Friday
lingered near a seven-month peak touched the session before,
remaining on track for a weekly gain of around 3 percent on
expectations of strong U.S. exports.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade are up more than 3 percent so far this week, set for
their biggest weekly gain in five weeks.
    * Wheat hit a seven-month high of $4.44 a bushel on
Thursday.
    * The most active soybean futures are up nearly 2.5
percent for the week in what would mark their first such gain in
three weeks.
    * The most active corn futures are up more than 1
percent for the week, on course for a second weekly gain.
    * The U.S. Department of Agriculture raised its U.S. wheat
export forecast the 2016/17 season by 50 million bushels, citing
a strong pace of U.S. wheat export shipments, which resulted in
a reduction in ending stocks to 1.139 billion bushels, compared
to analyst expectations for 1.186 billion.
    * The USDA cut Argentine soybean production to 55.5 million
tonnes, down from 57.0 million in January. But that was above
the Rosario grain exchange estimate of 54.5 million tonnes on
Wednesday.
    * The USDA kept its estimate for Brazil's 2016/17 soy output
unchanged at 104 million tonnes, compared to a forecast from
Brazil's Conab earlier on Thursday for a record of 105.6
million.
    * The USDA also slashed its estimate for U.S. corn ending
stocks.
         
    MARKET NEWS  
    * The dollar stood atop large gains early on Friday after
soaring broadly overnight on comments by U.S. President Donald
Trump that he would announce the most ambitious tax reform plan
since the Reagan era in the next few weeks.  
    * Oil prices were stable early on Friday, with OPEC-led
production cuts supporting the market while soaring U.S. fuel
inventories were weighing on crude.  
    * Wall Street's three main indexes surged to fresh record
highs on Thursday.  
    
1330 U.S.  Import, Export Prices      Jan 
1500 U.S.  U Mich Sentiment Prelim    Feb
1530 U.S.  ECRI Weekly Index 
1900 U.S.  Federal Budget             Jan 
    
 Grains prices at  0236 GMT
 Contract        Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    443.50     0.00   +0.00%       +4.05%  412.70    68
 CBOT corn     369.25    -0.25   -0.07%       +3.07%  355.98    60
 CBOT soy     1051.00     0.50   +0.05%       +1.03%  1026.5    59
                                                           7  
 CBOT rice       9.48    $0.01   +0.05%       -5.01%   $9.78    41
 WTI crude      53.07    $0.07   +0.13%       +0.11%  $52.37    51
 Currencies                                                       
 Euro/dlr      $1.066   $0.006   +0.55%       +0.16%              
 USD/AUD       0.7636    0.016   +2.15%       +1.83%              
 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)
  

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