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GRAINS-Wheat falls from near 2-month high, frost damage caps losses
May 3, 2017 / 1:18 AM / in 6 months

GRAINS-Wheat falls from near 2-month high, frost damage caps losses

    SYDNEY, May 3 (Reuters) - U.S. wheat futures fell on
Wednesday, retreating from a near two-month high touched in the
previous session, although losses were checked by worried about
production losses after recent cold weather in North America.
             
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade fell 0.5 percent to $4.51-3/4 a bushel, having
closed down 0.4 percent on Tuesday after earlier hitting
$4.61-1/2 a bushel - the highest since March 6. 
    * The most active soybean futures were unchanged at
$9.68-3/4 a bushel, having closed down 0.1 percent on Tuesday.
    * The most active corn futures fell 0.2 percent to
$3.71-1/2 a bushel, having closed down 1.4 percent in the
previous session.
    * Wheat underpinned by concerns of frost damage, potentially
threatening production from key growing regions.
    * The U.S. Department of Agriculture said on Monday
afternoon that U.S. farmers had sown 34 percent of their corn
crop, in line with the five-year average and more than analysts
had been expecting.
         
    MARKET NEWS  
    * The dollar traded below a six-week high against the yen on
Wednesday, as the market awaited the Federal Reserve's policy
statement for hints on the U.S. interest rate outlook, while the
kiwi rose on the back of higher dairy prices.  
    * Brent crude oil on Tuesday closed at its lowest level this
year, erasing all of the gains since OPEC started to cut
production, after breaking through a key technical support
level.  
    * Wall Street edged higher on Tuesday as gains for the tech
and industrial sectors countered weakness in auto and energy
stocks and investors digested a heavy day of earnings reports.
  
    
    DATA/EVENT AHEAD (GMT) 
0800  Germany              Unemployment rate                Apr 
0900  Euro zone            GDP flash                        Q1 
0900  Euro zone            Producer prices                  Mar 
1215  U.S.                 ADP national employment          Apr 
1400  U.S.                 ISM non-manufacturing PMI        Apr 
1800 Federal Reserve statement after two-day policy meeting 
        
 Grains prices at  0055 GMT
 Contract      Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  451.75    -2.25   -0.50%        -0.93%  439.44    73
 CBOT corn   371.50    -0.75   -0.20%        -1.59%  368.60    49
 CBOT soy    968.75     0.00   +0.00%        -0.15%  965.63    55
 CBOT rice     9.52   -$0.08   -0.83%        -1.19%  $10.10    33
 WTI crude    48.09    $0.43   +0.90%        -1.54%  $50.20    31
 Currencies                                                      
 Euro/dlr    $1.093   $0.000   +0.04%        +0.30%              
 USD/AUD     0.7537    0.000   +0.03%        +0.19%              
 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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