October 10, 2016 / 1:22 AM / 9 months ago

GRAINS-Wheat firms for first time in three sessions on weather concerns

3 Min Read

U.S. wheat futures rose more than 0.5 percent on Monday, gaining
for the first time in three sessions, as concerns over dry
weather curbing supplies of high protein hard red wheat
supported prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.7 percent to $3.97-1/2 a bushel, having
closed down 0.3 percent on Friday.
    * The most active soybean futures were unchanged
at$9.56-3/4 a bushel, having closed down 0.2 percent on Friday.
    * The most active corn futures rose 0.2 percent to
$3.40-1/4, having fallen 0.2 percent in the previous session.
    * Wheat draws support on concerns about dry weather
impacting U.S. hard red production. 
    * The U.S. Agriculture Department said on Friday morning
that exporters reported the sale of 195,000 tonnes of soybeans
to unknown buyers for delivery during the 2016/17 marketing
year. 
    * USDA report on Wednesday is expected to show that U.S.
farmers will probably harvest 15.060 billion bushels of corn
this year, based on an average yield of 173.5 bushels per acre.
 
    * Soybean production was seen at 4.286 billion bushels, with
yields averaging 51.5 bushels per acre, according to the average
of estimates by analysts surveyed in a Reuters poll. 
         
    MARKET NEWS  
    * The Mexican peso and Canadian dollar rose on Monday ahead
of a closely-watched U.S. presidential debate, after comments
Donald Trump made about women in a video created a firestorm
around his campaign.  
    * Oil prices fell more than 1 percent in early trading on
Monday over doubts that an OPEC-led plan to cut output to rein
in a global fuel supply overhang would be supported by other
producers, including Russia.  
    
    DATA AHEAD (GMT) 
0600  Germany               Trade data                  Aug 
0830  Euro zone             Sentix index                Oct 
1400  U.S.                  Employment trends           Sep 
    
    
 Grains
 prices at
  0040 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  397.  2.75  +0.7  +0.4  400.    51
 whea    50          0%    4%    48  
 t                                   
 CBOT  340.  0.50  +0.1  -0.0  334.    56
 corn    25          5%    7%    11  
 CBOT  956.  0.00  +0.0  -0.1  959.    45
 soy     75          0%    8%    87  
 CBOT  10.0  -$0.  -0.4  -0.5  $9.7    65
 rice     6    04    0%    4%     6  
 WTI   49.3  -$0.  -0.9  -2.1  $46.    62
 crud     5    46    2%    6%    16  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  $0.0  -0.0  +0.4            
 /dlr    20    00    3%    2%        
 USD/  0.75  0.00  +0.2  +0.1            
 AUD     95     2    6%    7%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
 (Reporting by Colin Packham; Editing by Richard Pullin)

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