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GRAINS-Wheat prices edges up on fears of crop shortfalls
June 14, 2017 / 12:46 AM / in 5 months

GRAINS-Wheat prices edges up on fears of crop shortfalls

    SYDNEY, June 14 (Reuters) - U.S. wheat futures ticked higher
on Wednesday, supported by continued concern over potential
production losses following recent adverse weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade rose 0.1 percent to $4.45-1/2 a bushel, having
closed up 2.5 percent on Tuesday. 
    * The most active soybean futures climbed 0.1 percent
to $9.33-1/2 a bushel, after firming 0.1 percent on Tuesday.
    * The most active corn futures rose 0.2 percent to
$3.81-3/4 a bushel, having gained 1 percent in the previous
session.
    * The U.S. Department of Agriculture assessed the spring
wheat crop at 45 percent good-to-excellent as of June 4, down 10
percentage points from a week earlier. Analysts had been
expecting a good-to-excellent rating of 53 percent.
 
    * U.S. soybeans were rated by the USDA at 66 percent
good-to-excellent, compared with forecasts for 69 percent. U.S.
corn was at 67 percent good-to-excellent, matching analyst
forecasts.
         
    MARKET NEWS  
    * The dollar drifted in recent ranges in the calm before a
forecast Federal Reserve storm, as investors awaited signals
later in the global session on the Fed's policy outlook. 
    * Oil prices settled higher on Tuesday after OPEC detailed
supply cuts around the world, but the cartel also said overall
production rose in May, and crude stayed well below $50 a barrel
despite the modest recovery.  
    * Wall Street gained on Tuesday, with the S&P 500, Dow
industrials and Russell 2000 setting record closing highs, as
technology stocks bounced back and investors positioned for an
expected Federal Reserve interest rate hike.  
    
    DATA AHEAD (GMT) 
1230  U.S.       Durable goods                               Apr
1230  U.S.       GDP 2nd estimate                            Q1 
1400  U.S.       Univ of Michigan sentiment index final      May
       
 Grains prices at  0018 GMT
 Contract        Last    Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    445.50      0.50   +0.11%       +2.65%  434.76    60
 CBOT corn     381.75      0.75   +0.20%       +1.19%  373.13    58
 CBOT soy      933.50      1.00   +0.11%       +0.24%  947.00    49
 CBOT rice      11.25    -$0.01   -0.04%       -0.44%  $10.79    66
 WTI crude      45.95    -$0.51   -1.10%       -0.28%  $47.96    36
 Currencies                                                        
 Euro/dlr      $1.121   -$0.001   -0.06%       +0.06%              
 USD/AUD       0.7535     0.000   +0.00%       -0.05%              
 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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