Reuters logo
GRAINS-Wheat rises for 4th day as snow hits U.S. crop; corn eases
May 2, 2017 / 1:32 AM / 5 months ago

GRAINS-Wheat rises for 4th day as snow hits U.S. crop; corn eases

    SINGAPORE, May 2 (Reuters) - Chicago wheat futures climbed
to their highest since early March on Tuesday, building on the
biggest one-day rally in almost two years in the previous
session after heavy snow threatened to damage the U.S. winter
crop.
    Corn edged lower with pressure from U.S. farmers making
strong planting progress.
    
    FUNDAMENTALS
    * Chicago wheat gained 5.5 percent on Monday, the
biggest daily gain since June 2015, as adverse weather raised
more concerns for the crop that is already under stress.
    * Heavy snow in western Kansas and southeastern Colorado is
causing wheat lodging, the Commodity Weather Group said in a
note to clients. Snow is expected to melt quickly and drier
conditions are seen from Thursday to next Tuesday, but a
significant storm is then expected to hinder recovery of lodged
Plains wheat, it added.
    * The cold weather in the U.S. has added 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 the French wheat crop.

    * Corn slid, giving up some of last session's gains as U.S.
farmers continue to quickly plant crops.
    * Farmers have sown 34 pct of the U.S. corn crop as compared
with 17 percent a week ago and at par with five-year average of
34 percent at this time of the year, the U.S. Department of
Agriculture said in a weekly crop progress report.
    * U.S. soybeans were 10 percent planted, up from 6 percent a
week ago and above the five-year average pace of 7 percent, the
agency said.
    * On Monday, all three commodities benefited from
short-covering following a Commodity Futures Trading Commission
report released on Friday that showed speculators had built up
their biggest bearish bet on record in the grains markets.

    
    MARKET NEWS
    * Asian shares advanced on Tuesday, helped by rising
optimism on the technology industry and easing concerns over
North Korea, while the dollar edged up to one-month high versus
the yen.
    
     DATA/EVENT AHEAD (GMT) 
0145  China    Caixin manufacturing PMI final          Apr 
0750  France   Markit manufacturing PMI                Apr 
0755  Germany  Markit/BME manufacturing PMI            Apr
0800  Eurozone Markit manufacturing PMI final          Apr 
0900  Eurozone Unemployment rate                       Mar 
1345  U.S.     ISM-New York index                      Apr 
Federal Open Market Committee starts two-day policy meeting
    
 Grains prices at  0114 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  457.00  1.00    +0.22%   +5.73%       439.26  76
 CBOT corn   376.75  -0.75   -0.20%   +2.80%       368.62  57
 CBOT soy    971.75  1.50    +0.15%   +1.62%       967.17  56
 CBOT rice   9.66    $0.03   +0.26%   +2.55%       $10.12  34
 WTI crude   48.79   -$0.05  -0.10%   -1.09%       $50.22  30
 Currencies                                                
 Euro/dlr    $1.091  $0.001  +0.07%   +0.10%               
 USD/AUD     0.7544  0.002   +0.28%   +0.80%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Richard Pullin)
  

Our Standards:The Thomson Reuters Trust Principles.
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