February 27, 2017 / 1:50 AM / 6 months ago

GRAINS-Wheat hits 6-day low, set to fall for third straight session

    By Colin Packham
    SYDNEY, Feb 27 (Reuters) - U.S. wheat prices were set to
drop for a third straight session on Monday after hitting a
six-day low, with ample global supply weighing on markets.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade fell 0.5 percent to $4.45-3/4 a bushel, after
earlier touching their lowest since Feb. 21 at $4.45-1/2 a
bushel. Wheat closed down 1.2 percent on Friday. 
    * The most active soybeans futures rose 0.22 percent
to $10.26-1/2 a bushel, having firmed 1.3 percent on Friday.
    * The most active corn futures were little changed at
$3.63-3/4, after closing down 0.4 percent in the previous
session.
    * Weekly data from the U.S. Commodity Futures Trading
Commission showed non-commercial traders in the week to Feb. 14
built their biggest net long since July in corn, and the
second-biggest since July in soybeans.
    * Argentina will likely harvest a record 18.3 million tonnes
of wheat from the 2016/17 crop, 11 to 11.5 million tonnes of
which could be exported, Agriculture Minister Ricardo Buryaile
said.
    * The U.S. government projected a 7 percent decline in corn
production in the 2017/18 marketing year to 14.065 billion
bushels, but ending stocks were expected to remain burdensome at
more than 2 billion bushels.
         
    MARKET NEWS  
    * The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.  
    * Brent oil prices edged up on Monday and were set to rise
for five out of seven sessions as a global supply glut appears
to ease, but rising U.S. production limited gains.  
    
     DATA AHEAD (GMT) 
1000  Euro zone            Business climate               Feb 
1000  Euro zone            Consumer confidence final      Feb 
1330  U.S.                 Durable goods                  Jan 
1500  U.S.                 Pending homes sales            Jan 
    
    
 Grains prices at  0110 GMT
 Contract       Last   Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   445.75    -2.25    -0.50%       -1.71%   449.13    37
 CBOT corn    363.75    -0.25    -0.07%       -0.48%   367.32    37
 CBOT soy    1026.50     2.25    +0.22%       +1.48%  1044.37    32
 CBOT rice      9.72    $0.04    +0.36%       +2.59%    $9.62    46
 WTI crude     53.97   -$0.02    -0.04%       -0.88%   $53.08    58
 Currencies                                                        
 Euro/dlr     $1.057   $0.000    +0.05%       -0.13%               
 USD/AUD      0.7673    0.000    +0.05%       -0.52%               
 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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