March 24, 2016 / 1:38 AM / 4 years ago

CORRECTED-GRAINS-Wheat steady as poor exports offset cold weather fears

(Corrects in 1st and 2nd paragraph to show wheat nearly
unchanged for the week, not the biggest weekly fall in three
months)
    SYDNEY, March 24 (Reuters) - U.S. wheat held steady on
Thursday amid muted trading ahead of a holiday weekend as poor
export prospects offset lingering concerns about potential yield
losses as a result of extreme cold weather across key U.S.
producing regions.
         
    FUNDAMENTALS  
    * The most active wheat contract on the Chicago Board of
Trade was nearly unchanged for the week, after posting the
biggest one-week loss in three months one week earlier.
    * The most active soybean futures were up nearly 1
percent for the week, their fourth consecutive weekly gain.
    * The most active corn futures were up nearly 0.5
percent for the week, the third straight weekly rise.
    * Concerns that bitter cold temperatures damaged young wheat
plants in dry parts of the southern U.S. Plains propelled prices
higher in recent days, but U.S. wheat and corn have lost favour
in export markets due to cheaper supplies on offer in South
America and the Black Sea region.
    * Snowfall and rains in parts of the Plains were seen as
beneficial for developing wheat plants and also provided subsoil
moisture for upcoming corn plantings in states such as Nebraska.
         
    MARKET NEWS  
    * The dollar rose to a one-week high against a basket of
currencies on Wednesday as Federal Reserve officials talked up
the likelihood of more interest rates later this year, perhaps
as early as April.  
    * Oil prices tumbled 4 percent on Wednesday, with U.S crude
settling below the key $40 per barrel mark after a sixth
straight week of record highs in stockpiles that traders warned
could cut short the market's two-month long rally.  
    * Wall Street closed lower on Wednesday as oil and materials
share prices dropped while investors remained cautious a day
after deadly bombing attacks in Belgium.  
    
    DATA AHEAD (GMT)
    0700 Germany GfK consumer sentiment Apr 
    0700 Germany Import prices Feb 
    0745 France Business climate Mar 
    1230 U.S. Durable goods orders Feb 
    1230 U.S. Weekly jobless claims
    
  Grains prices at  0059 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     463.00     0.00  +0.00%    -0.80%     464.50   46
  CBOT corn      368.75     0.25  +0.07%   -10.82%     410.39   62
  CBOT soy       905.50     0.25  +0.03%    -0.52%     884.40   73
  CBOT rice      $10.28   -$0.03  -0.24%    -0.92%     $10.71   43
  WTI crude      $39.60   -$0.19  -0.48%    -4.46%     $35.06   59
  Currencies                                                
  Euro/dlr       $1.118   $0.000  -0.04%    -0.32%
  USD/AUD         0.750   -0.002  -0.32%    -1.54%
  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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