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GRAINS-Wheat extends gains, but easing concerns over US crop condition drag
May 25, 2017 / 1:49 AM / 5 months ago

GRAINS-Wheat extends gains, but easing concerns over US crop condition drag

    SYDNEY, May 25 (Reuters) - U.S. wheat edged higher on
Thursday to extend two-day gains to nearly 1 percent as
investors covered short positions, but easing concerns about the
state of U.S. crops dragged.

    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade rose 0.23 percent to $4.33-1/2 a bushel, having
closed up a touch on Wednesday.
    * Wheat gains were checked though by a slight improvement in
weekly winter wheat condition ratings.
    * The most active soybean futures climbed 0.21 percent
to $9.50-1/4 a bushel, after ending Wednesday little changed.
    * The most active corn futures rose 0.27 percent to
$3.72-1/4 a bushel, having gained 0.5 percent the day before.   
         
    MARKET NEWS  
    * The dollar was on the defensive early on Thursday after
minutes of the latest Federal Reserve policy meeting were not as
hawkish as anticipated, while the euro edged back up towards a
6-1/2-month high.  
    * Oil prices retreated slightly on Wednesday as investors
reacted to a smaller-than-expected U.S. gasoline stocks draw as
they awaited the outcome of discussions in Vienna between OPEC
and other oil-exporting countries on whether to extend output
cuts.  
    * U.S. stocks ended up slightly on Wednesday, with the S&P
500 hitting a record high close.  
       
    DATA AHEAD (GMT) 
0830  Britain              GDP 2nd release                   Q1 
1230  U.S.                 Trade balance                     Apr
1230  U.S.                 Wholesale inventory               Apr
1230  U.S.                 Weekly jobless claims 
        
 Grains prices at  0119 GMT
 Contract       Last    Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   433.50      1.00    +0.23%       +0.93%   433.69    60
 CBOT corn    372.25      1.00    +0.27%       +0.74%   369.83    58
 CBOT soy     950.25      2.00    +0.21%       +0.21%   963.02    43
 CBOT rice     11.04    -$0.01    -0.14%       +1.19%   $10.25    71
 WTI crude     51.75     $0.39    +0.76%       +0.54%   $49.27    78
 Currencies                                                         
 Euro/dlr     $1.123    $0.001    +0.07%       +0.38%               
 USD/AUD      0.7493    -0.001    -0.12%       +0.25%               
 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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