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GRAINS-Wheat steady, lingers near one-week low on forecasts for U.S. rains
January 12, 2017 / 2:17 AM / 8 months ago

GRAINS-Wheat steady, lingers near one-week low on forecasts for U.S. rains

SYDNEY, Jan 12 (Reuters) - U.S. wheat held steady on
Thursday, lingering near a one-week low, as forecasts for crop
friendly weather continued to weigh on prices ahead of a widely
watched U.S. Department of Agriculture report later in the
session.
         
    FUNDAMENTALS  
    * The most active wheat futures contract on the Chicago
Board of Trade was little changed at $4.19 a bushel,
having closed down 1.9 percent on Wednesday when prices hit a
one-week low of $4.12 a bushel.
    * The most active soybean futures fell 0.1 percent to
$10.10-1/4 a bushel, having closed down 0.2 percent on
Wednesday.
    * The most active corn futures were unchanged at
$3.57-1/4 a bushel, having closed down 0.3 percent in the
previous session when prices hit a low of $3.52 a bushel - the
lowest since Jan. 3.
    * Wheat pressured by expectations that weekend storms would
help recharge soil moisture in Oklahoma and Kansas, where dry
conditions have stressed dormant hard red winter wheat crops.
    * A substantial snow layer has protected Ukrainian and
Russian winter crops from severe frosts which came this weekend,
analyst and weather forecasters said on Tuesday. 
    * The USDA will release a series of reports on Thursday at
11 a.m. CST (1700 GMT), including U.S. quarterly grain stocks,
U.S. annual crop production, U.S. winter wheat seeding and its
monthly World Agricultural Supply and Demand Estimates. 
 
    * China has increased punitive tariffs on imports of a U.S.
animal feed ingredient known as distillers' dried grains (DDGS)
from levels first proposed last year, potentially escalating a
trade spat between the world's two largest economies.
 
         
    MARKET NEWS  
    * The dollar sagged against the perceived safe-haven yen on
Thursday, after President-elect Donald Trump's
highly-anticipated news conference failed to spell out details
on his promises to boost fiscal spending and cut taxes.  
    * Oil prices were steady early on Thursday after U.S. crude
and refined product stocks sent mixed messages to the market,
with ongoing uncertainty over OPEC compliance with planned
output reductions also in focus.  
    * U.S. stocks ended higher after a choppy day on Wednesday
as energy and technology gains countered a drop in healthcare
stocks after President-elect Donald Trump said pharmaceutical
companies were "getting away with murder" by charging high
prices.  
    
    DATA/EVENT AHEAD (GMT) 
0900  Germany           Full-year GDP           
1000  Euro zone         Industrial production             Nov 
1330  U.S.              Import prices                     Dec 
1330  U.S.              Export prices                     Dec 
1330  U.S.              Weekly jobless claims 
2230  Federal Reserve Board Chair Janet Yellen to host a        
       webcast townhall meeting with U.S. educators 
    
    
 Grains prices at  0132 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   419.00     0.25    +0.06%       -1.82%  410.08    59
 CBOT corn    357.25     0.00    +0.00%       -0.28%  354.68    59
 CBOT soy    1010.25    -1.25    -0.12%       -0.35%  1025.0    51
                                                           4  
 CBOT rice      9.61    $0.00    -0.05%       -0.88%   $9.79    46
 WTI crude     52.17   -$0.08    -0.15%       +2.66%  $52.18    46
 Currencies                                                       
 Euro/dlr     $1.059   $0.001    +0.07%       +0.32%              
 USD/AUD      0.7440    0.000    +0.00%       +0.99%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sonali Paul)

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