July 11, 2017 / 3:03 AM / 9 days ago

GRAINS-Wheat firms nearly 1.5 pct as hot, dry weather expected to linger

3 Min Read

    * Wheat lingers near two-year high
    * Corn little changed after hitting one-year top
    * Soybeans hit four-month peak

    By Colin Packham
    SYDNEY, July 11 (Reuters) - U.S. wheat rose nearly 1.5 percent on Tuesday as
forecasts for further crop-damaging weather across a key growing region pushed
prices towards a two-year high hit last week.
    Corn was little changed after earlier hitting a one-year high, while
soybeans jumped to a four-month high.
    The most active wheat futures on the Chicago Board Of Trade rose 1.3
percent to $5.57-1/4 a bushel by 0224 GMT, having closed up 2.8 percent on
Tuesday.
    Wheat hit a high of $5.74-1/2 per bushel last week, the highest in two
years.
    "Weather forecasters expect little rain in North American spring wheat
regions for yet another week and they are boosting temperature forecasts to
damaging levels," said Tobin Gorey, director, agricultural strategy,
Commonwealth Bank of Australia.
    With more hot, dry weather expected across the U.S. Plains, analysts expect
further production declines.
    The U.S. Department of Agriculture late on Monday rated 35 percent of U.S.
spring wheat crop at good to excellent as of July 9, a decline of two percent
from the previous week, but matching analyst expectations after sustained hot,
dry weather.
    The most active corn futures rose 0.12 percent to $4.15-1/4 a bushel,
near the session high of $4.17-1/4 a bushel - the highest since June 2016. Corn
closed up 2.5 percent on Monday.
    The USDA rated 65 percent of the U.S. corn crop in good to excellent
condition, down from 68 percent the previous week. Analysts surveyed by Reuters
had expected a drop of 1 percentage point.
    The most active soybean futures were up 0.4 percent at $10.43-3/4 a
bushel, near the session high of $10.47 a bushel - the highest since March 6.
Soybeans firmed 2.3 percent on Monday.
    Farmers in Brazil's top producing state of Mato Grosso have sold 9.36
percent of their 2017/18 soybean crop, estimated at 30.6 million tonnes, up from
4.2 percent of that volume in June, Imea, the state's agricultural research
agency said on Monday.
       
 Grains prices at  0224 GMT
 Contract        Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat    557.25     7.25    +1.32%        +4.16%  483.62    71
 CBOT corn     415.25     0.50    +0.12%        +2.59%  397.26    80
 CBOT soy     1043.75     4.50    +0.43%        +2.78%  948.93    93
 CBOT rice      12.00   -$0.03    -0.21%        +0.63%  $11.63    73
 WTI crude      44.54    $0.14    +0.32%        +0.70%  $45.44    46
 Currencies                                                         
 Euro/dlr      $1.139   $0.000    -0.04%        -0.05%              
 USD/AUD       0.7610    0.001    +0.07%        +0.07%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Gopakumar Warrier)
  

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