May 9, 2017 / 1:18 AM / 2 months ago

GRAINS-Wheat edges up from 11-day low, USDA crop report caps gains

4 Min Read

    SYDNEY, May 9 (Reuters) - U.S. wheat inched higher on
Tuesday to move away from an 11-day low touched in the previous
session, but gains were checked as the U.S. government pegged
the condition of crops above market expectations.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade rose 0.23 percent to $4.34-1/4 a bushel, having
closed down 1.9 percent on Monday when prices hit their lowest
since April 28 at $4.32-3/4 a bushel. 
    * The most active soybean futures climbed 0.13 percent
to $9.66 a bushel, having closed down 0.9 percent on Monday.
    * The most active corn futures advanced 0.2 percent to
$3.66-1/2 a bushel, after ending down 1.3 percent in the
previous session when prices touched their weakest since April
28 at $3.65 a bushel.
    * The U.S. Department of Agriculture's weekly crop progress
report rated 53 percent of the U.S. winter wheat crop in good to
excellent condition. The figure was down from 54 percent the
previous week, but above an average of analyst expectations for
51 percent.
    * Wheat has been pressured by forecasts of favourable
weather for U.S. crops.
    * The USDA said the U.S. corn crop was 47 percent planted as
of Sunday, behind the five-year average of 52 percent, but ahead
of an average of analyst estimates for 44 percent. 
    * The USDA said the U.S. soybean crop was 14 percent
planted, lagging the five-year average of 17 percent.
    * Soybean imports to China in April rose 13.4 percent from a
year ago, supported by strong demand from the soymeal industry,
data from the General Administration of Customs of China showed.

         
    MARKET NEWS  
    * The euro pulled back from recent six-month highs on
Tuesday, but remained well-supported as fading worries over
political populism and signs of improving economic conditions in
Europe bolstered investor confidence.  
    * Oil prices rose on Monday in volatile trading, bolstered
by statements from major oil-producing countries suggesting that
OPEC and non-OPEC supply cuts could be extended into 2018.
 
    * The S&P 500 ended flat on Monday after briefly touching a
record high, while Wall Street's "fear gauge" dropped to its
lowest in over two decades following centrist Emmanuel Macron's
victory in the French presidential election.  
    
    DATA AHEAD (GMT) 
0600  Germany             Industrial output               Mar   
     
0600  Germany             Trade data                      Mar 
1000  U.S.                NFIB business optimism          Apr 
1400  U.S.                Wholesale sales                 Mar 
        
 Grains prices at  0048 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  434.50     1.00    +0.23%       -1.75%  439.26    43
 CBOT corn   366.75     0.75    +0.20%       -1.08%  369.29    42
 CBOT soy    966.00     1.25    +0.13%       -0.72%  962.44    47
 CBOT rice     9.94   -$0.01    -0.05%       +0.35%  $10.09    60
 WTI crude    46.62    $0.19    +0.41%       +0.87%  $49.97    34
 Currencies                                                      
 Euro/dlr    $1.092   $0.000    +0.02%       -0.65%              
 USD/AUD     0.7390    0.000    +0.05%       -0.38%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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