May 1, 2017 / 12:35 AM / 4 months ago

GRAINS-Wheat rallies 2 pct to hit 6-week high on frost damage

    * Frost threatens U.S. hard red wheat production
    * Corn firms more than 1 pct
    * Soybeans edges higher

    By Colin Packham
    SYDNEY, May 1 (Reuters) - U.S. wheat futures rose more than
2 percent on Monday as frost across key growing regions stoked
fears of widespread production losses, pushing prices to a
six-week high.
    The most active wheat futures on the Chicago Board Of Trade
 rose as much as 2.5 percent to $4.43 a bushel, the highest
since March 10. Wheat was trading up 2.1 percent at $4.41-1/4 a
bushel by 0017 GMT, after rising 0.2 percent on Friday. 
    "With frost through Kansas, Colorado and even stretching
through to Oklahoma, the market is concerned about how much of
the crop has been damaged," said Andrew Woodhouse, grains
analyst at Advance Trading Australasia.
    Frost threatens rapidly maturing hard red winter wheat
crops, with Kansas the biggest producing state in the United
States.
    The cold weather in the U.S. adds to a spate of unfavourable
weather that threatens to curtail global production.
    Farming agency FranceAgriMer on Friday reported a sharp
decline in crop conditions for wheat, with the amount of soft
wheat rated good/excellent falling to 78 percent from 85 percent
in the week to April 24.
    The most active corn futures rose 1.3 percent to
$3.71-1/4 a bushel, having closed down 0.8 percent in the
previous session.
    The most active soybean futures rose 0.4 percent to
$9.60-1/2 a bushel, having closed down 0.1 percent on Friday.
    
 Grains prices at  0017 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   441.25     9.00    +2.08%       +2.32%  438.43    65
 CBOT corn    371.25     4.75    +1.30%       +0.54%  368.18    52
 CBOT soy     960.50     4.25    +0.44%       +0.34%  968.12    47
 CBOT rice      9.51    $0.09    +0.96%       +0.85%  $10.13     8
 WTI crude     49.20   -$0.13    -0.26%       +0.47%  $50.21    34
 Currencies                                                       
 Euro/dlr     $1.090   $0.001    +0.06%       +0.28%              
 USD/AUD      0.7485    0.000    +0.01%       +0.32%              
 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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