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GRAINS-Wheat lingers nears six-week low as U.S. crop outlook improves
March 22, 2017 / 1:21 AM / 9 months ago

GRAINS-Wheat lingers nears six-week low as U.S. crop outlook improves

    SYDNEY, March 22 (Reuters) - U.S. wheat fell for a third
consecutive session on Wednesday, languishing near a six-week
low touched in the previous session as weather forecasts called
for crop friendly weather across key U.S. producing regions.
    * The most active wheat futures on the Chicago Board Of
Trade fell 0.4 percent to $4.25 a bushel, having closed
down 0.8 percent on Tuesday when prices hit a low of $4.23 a
bushel - the lowest since Feb. 7.
    * The most active soybean futures fell 0.1 percent to
$10.00-1/2 a bushel, having firmed 0.2 percent on Tuesday.
    * The most active corn futures fell 0.1 percent to
$3.60-3/4, having closed down 0.6 percent in the previous
session when prices hit a low of $3.59-1/4 a bushel - the lowest
since Feb. 1. 
    * Wheat is under pressure as forecasts for the northern U.S.
Plains promise a boost to soil moisture ahead of the planting
    * Rains are also expected further south, which will benefit
the crops there that recently emerged from dormancy.
    * Crop analysts also continued to raise estimates of
Brazil's ongoing soybean harvest to new records.
    * A record harvest was also expected in Paraguay, the
world's fourth-biggest soybean exporter.
    * The dollar struggled at a four-month low against the yen
early on Wednesday after a slide in Wall Street stocks sent U.S.
Treasury yields sharply lower, eroding the greenback's interest
rate allure.  
    * Oil prices fell on Tuesday, with U.S. crude dropping to
its lowest since November, as concerns about new supplies
overshadowed the latest talk by OPEC that it was looking to
extend output cuts beyond June.  
    * Wall Street fell sharply on Tuesday as investors worried
that President Donald Trump will struggle to deliver promised
tax cuts that propelled the market to record highs in recent
months, with nervousness deepening ahead of a key healthcare
0900  Euro zone             Current account                  Jan
1300  U.S.                  Monthly home price index         Jan
1400  U.S.                  Existing home sales              Feb
 Grains prices at  0055 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   425.00    -1.50   -0.35%       -1.22%   448.24    43
 CBOT corn    360.75    -0.50   -0.14%       -0.76%   372.51    41
 CBOT soy    1000.50    -1.00   -0.10%       +0.10%  1030.11    39
 CBOT rice      9.77    $0.00   -0.05%       -1.51%    $9.71    62
 WTI crude     48.18   -$0.06   -0.12%       -0.08%   $51.66    36
 Euro/dlr     $1.080  -$0.001   -0.07%       +0.59%               
 USD/AUD      0.7667   -0.002   -0.27%       -0.80%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Richard Pullin)

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