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GRAINS-Wheat edges higher, set for biggest one-week gain in 11 weeks
April 28, 2017 / 1:19 AM / 5 months ago

GRAINS-Wheat edges higher, set for biggest one-week gain in 11 weeks

    SYDNEY, April 28 (Reuters) - U.S. wheat edged higher on
Friday as unfavourable weather forecasts stoked fears of
production losses, pushing the grain towards it biggest one-week
rise in nearly three months.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 2.6 percent for the week, the biggest
one-week gain in 11 weeks.
    * The most active soybean futures were down nearly 0.5
percent for the week, the first weekly fall in three weeks.
    * The most active corn futures were up nearly 1.5
percent for the week, recouping much of the losses from the
previous week.
    * Wheat is drawing support from worries that frigid
temperatures in the central and southern U.S. Plains could
damage the developing crop.
    * The U.S. Department of Agriculture on Thursday reported
net corn export sales hit a three-week high last week and
soybean sales hit a one-month peak, with old-crop deals for both
crops topping trade expectations.
    * U.S. President Donald Trump told the leaders of Canada and
Mexico on Wednesday that he would not terminate the NAFTA treaty
at this stage, but will move quickly to begin renegotiating it
with them.
             
    MARKET NEWS  
    *  The dollar edged up in Asian trading on Friday but was on
track for a losing month against a basket of currencies, while
the euro shed some of its monthly gains after the European
Central Bank maintained its easing bias.  
    * Oil prices stabilised on Friday but were on track for a
second straight weekly loss on concerns that an OPEC-led
production cut has failed to significantly tighten an
oversupplied market.  
    * The Nasdaq Composite ended at a record high on Thursday,
boosted by results-related gains in Comcast, PayPal and Intuit,
while the S&P 500 and the Dow were little changed.  
    
    DATA AHEAD (GMT) 
0600  Germany            Import prices                    Mar 
0600  Germany            Retail sales                     Mar 
0600  Britain            House prices                     Apr 
0645  France             Consumer spending                Mar 
0830  Britain            Preliminary GDP                  Q1 
0900  Euro zone          Inflation flash                  Apr 
1230  U.S.               GDP advance                      Q1 
1230  U.S.               Employment costs                 Q1 
1345  U.S.               Chicago PMI                      Apr 
        
 Grains prices at  0057 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  431.75     0.50    +0.12%       +1.23%  438.81    49
 CBOT corn   368.75    -0.50    -0.14%       +0.55%  368.33    46
 CBOT soy    957.00    -0.25    -0.03%       +0.05%  969.81    40
 CBOT rice     9.45    $0.02    +0.16%       +0.05%  $10.16     9
 WTI crude    49.20    $0.23    +0.47%       -0.85%  $50.19    33
 Currencies                                                      
 Euro/dlr    $1.086  -$0.001    -0.11%       -0.39%              
 USD/AUD     0.7471    0.001    +0.13%       -0.01%              
 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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