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GRAINS-Corn extends gains on fears wet weather will force re-planting
May 4, 2017 / 1:34 AM / 5 months ago

GRAINS-Corn extends gains on fears wet weather will force re-planting

    SYDNEY, May 4 (Reuters) - U.S. corn edged higher for a
second consecutive session on Thursday as recent wet weather
across key growing regions raised fears that some farmers may
need to re-plant recently seeded crops.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade
 rose 0.2 percent to $3.75-1/2 a bushel, having gained 0.68
percent in the previous session.
    * The most active soybean futures unchanged at
$9.75-1/4 a bushel, having firmed 0.7 percent on Wednesday.
    * The most active wheat futures was little changed at
$4.54-1/4 a bushel, having closed little changed on Wednesday. 
    * Corn and soybeans underpinned by concerns heavy rains in
the Midwest and southern growing areas may have washed away
recently sown crops.
    * Wheat supported by concerns about damage caused by recent
cold weather across key U.S. growing regions.
    * Yield prospects for hard red winter wheat in western
Kansas were uncertain after a major weekend storm buried some
fields under heavy snow, scouts on an annual crop tour said.

         
    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.  
    * Crude oil lost ground on Thursday, falling for a third out
of four sessions and trading near its lowest since late March
after data showed a lower than expected decline in U.S.
inventories.  
    * 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 AHEAD (GMT) 
0145  China               Caixin services PMI               Apr 
0750  France              Markit services PMI               Apr 
0755  Germany             Markit services PMI               Apr 
0800  Euro zone           Markit services PMI final         Apr 
0900  Euro zone           Retail sales                      Mar 
1230  U.S.                International trade               Mar 
1230  U.S.                Weekly jobless claims 
1400  U.S.                Factory orders                    Mar 
            
 Grains prices at  0113 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   454.25    0.25    +0.06%       +0.06%  440.03    75
 CBOT corn    375.50    0.75    +0.20%       +0.87%  369.06    57
 CBOT soy     975.25    0.00    +0.00%       +0.67%  964.68    63
 CBOT rice     10.02   $0.11    +1.06%       +4.32%  $10.11    56
 WTI crude     47.70  -$0.12    -0.25%       +0.08%  $50.18    26
 Currencies                                                      
 Euro/dlr     $1.089  $0.000    +0.04%       -0.38%              
 USD/AUD      0.7414  -0.001    -0.09%       -1.61%              
 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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