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GRAINS-Wheat near 2-week high as adverse weather hits U.S. crops
June 7, 2017 / 3:17 AM / 6 months ago

GRAINS-Wheat near 2-week high as adverse weather hits U.S. crops

    * Wheat extends gains, hovers near last session's two week
    * Corn up for third day, soybeans trade near over 1-week

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 7 (Reuters) - Chicago wheat gained more
ground on Wednesday, trading near last session's two-week high
on worries about dry weather threatening production of
high-protein wheat in the United States.
    Corn rose for a fourth consecutive session while soybeans
traded near Tuesday's highest since May 26 on concerns over dry
weather in the U.S. Midwest.
    The Chicago Board Of Trade most-active wheat contract
rose 0.7 percent to $4.38-3/4 a bushel by 0254 GMT, having
climbed on Tuesday to $4.40-3/4 a bushel, the highest since May
    Soybeans gained 0.4 percent to $9.26-3/4 a bushel,
having firmed 0.2 percent on Tuesday and corn added 0.5
percent to $3.79 a bushel, having gained 1.1 percent in the
previous session.
    "There is talk about spring wheat damage and poor conditions
for the hard red winter wheat in the U.S. because of harsh
weather," said Kaname Gokon of Tokyo brokerage Okato Shoji.
    "We are seeing a rebound in wheat and the market is likely
to go higher towards $4.50 a bushel."
    The U.S. Department of Agriculture late Monday rated 55
percent of the U.S. spring wheat crop in good-to-excellent
condition, down from 62 percent a week earlier and 79 percent a
year ago.    
    Spring wheat is a high-protein variety prized by millers for
its quality. Concerns about the crop come at a time when traders
are anxious about tightening supplies of high-protein wheat.

    For winter wheat, 49 percent was rated good-to-excellent as
compared with 50 percent a week ago and 62 percent last year.
    Corn and soybeans were supported by forecasts for warm, dry
weather, threatening U.S. crops.
    Corn ratings improved last week. The USDA rated 68 percent
of the U.S. crop as good to excellent, up from 65 percent a week
    In news, an Egyptian court has decided to reinstate a zero
tolerance policy on common grain fungus ergot, lawyers on the
case told Reuters on Tuesday, plunging trade with the world's
largest wheat importer back into uncertainty.
    Commodity funds were net buyers of CBOT corn, wheat and
soybean futures on Tuesday, traders said.
 Grains prices at  0254 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  438.75  3.00     +0.69%   +2.15%       433.91  67
 CBOT corn   379.00  1.75     +0.46%   +1.61%       370.90  65
 CBOT soy    926.75  3.25     +0.35%   +0.52%       951.28  43
 CBOT rice   11.10   $0.00    +0.00%   +0.45%       $10.50  64
 WTI crude   48.14   -$0.05   -0.10%   +1.56%       $48.52  42
 Euro/dlr    $1.126  -$0.001  -0.12%   +0.09%               
 USD/AUD     0.7536  0.003    +0.40%   +0.71%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Richard Pullin)

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