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3 months ago
GRAINS-Wheat prices retreat, but losses checked as market awaits frost assessment
May 8, 2017 / 1:31 AM / 3 months ago

GRAINS-Wheat prices retreat, but losses checked as market awaits frost assessment

3 Min Read

    SYDNEY, May 8 (Reuters) - U.S. wheat fell 0.5 percent on
Monday as ample global supplies weighed on prices, though
lingering concerns about potential yield losses due to recent
frosty conditions curbed declines.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade fell 0.5 percent to $4.40 a bushel, having closed up
1 percent on Friday. 
    * The most active soybeans futures were little changed
at $9.72-1/2 a bushel, after ending down 0.1 percent on Friday.
    * The most active corn futures fell 0.2 percent to
$3.70 a bushel, having gained 1.2 percent in the previous
session.
    * Wheat fields in Kansas, the top U.S. producer of the
grain, are expected to be above average as crops have benefited
from good soil moisture, scouts on the annual Wheat Quality
Council crop tour said on Thursday.
    * The impact of frost across key U.S. producing regions
still to be assessed.
    * Soybean prices were underpinned by concerns recent heavy
rains in some parts of the U.S. Midwest may have damaged
recently planted crops.
             
    MARKET NEWS  
    *  The euro edged away from highs hit early in the Asian
session on Monday as investors took profits from its gains after
centrist Emmanuel Macron's victory over the far-right Marine Le
Pen in France's presidential election.  
    * Oil prices rose on Monday on a growing conviction that an
OPEC-led production cut initially scheduled to end in June would
be extended to cover all of 2017, although a relentless increase
in U.S. drilling activity is seen capping gains.  
        
 Grains prices at  0045 GMT
 Contract      Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  440.00    -2.25   -0.51%        +0.51%  439.58    52
 CBOT corn   370.00    -0.75   -0.20%        +0.95%  369.27    47
 CBOT soy    972.50    -0.50   -0.05%        -0.18%  963.23    60
 CBOT rice     9.86   -$0.01   -0.05%        -0.50%  $10.10    55
 WTI crude    46.90    $0.68   +1.47%        +3.03%  $50.03    37
 Currencies                                                      
 Euro/dlr    $1.097  -$0.002   -0.22%        -0.12%              
 USD/AUD     0.7405   -0.001   -0.18%        -0.03%              
 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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