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GRAINS-Wheat edges higher as fears for Spring crop linger
June 15, 2017 / 1:35 AM / 6 months ago

GRAINS-Wheat edges higher as fears for Spring crop linger

    SYDNEY, June 15 (Reuters) - U.S. wheat futures edged higher on Thursday,
recouping much of the losses from the previous session, as concerns over
potential yield losses from recent dry weather lent support to prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade rose 0.2
percent to $4.43-3/4 a bushel, having closed down 0.44 percent on Wednesday. 
    * The most active soybean futures were little changed at $9.31-1/4 a
bushel, having closed down 0.1 percent on Wednesday.
    * The most active corn futures fell 0.2 percent to $3.76-1/4 a bushel,
having closed down 1 percent in the previous session.
    * Wheat edged down on Wednesday after showers fell through spring wheat
growing areas in the northern U.S. Plains and the Canadian prairies, benefiting
fields where drought conditions had been expanding.
    * But further rains are needed amid a sustained fall in the condition of the
spring wheat crop.
    * 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. 
         
    MARKET NEWS  
    * The dollar nursed losses on Thursday as weak U.S. inflation data left
investors wondering if the Federal Reserve would follow up its latest rate hike
with another later this year.  
    * Oil prices wallowed near their lowest levels in seven months early on
Thursday, hurt by high global inventories and doubts over OPEC's ability to
implement production cuts.  
    * A slide in technology stocks pulled down the Nasdaq Composite on
Wednesday and the S&P 500 ended slightly lower, as investors worried
about the pace of economic growth after weaker-than-expected inflation numbers
and an interest rate hike from the Federal Reserve.  
    
    DATA/EVENT AHEAD (GMT) 
0830  Britain           Retail sales                     May 
0900  Euro zone         Eurostat trade                   Apr 
1100  Bank of England announces interest rate decision 
1230  U.S.              New York Fed manufacturing       Jun 
1230  U.S.              Import prices                    May 
1230  U.S.              Export prices                    May 
1230  U.S.              Weekly jobless claims 
1230  U.S.              Philly Fed business index        Jun 
1315  U.S.              Industrial production            May 
1400  U.S.              NAHB housing market index        Jun 
        
 Grains prices at  0100 GMT
 Contract        Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    443.75    0.75   +0.17%       -0.28%   434.33    57
 CBOT corn     376.25   -0.75   -0.20%       -1.25%   373.03    49
 CBOT soy      931.25   -0.50   -0.05%       -0.13%   945.48    48
 CBOT rice      11.12   $0.09   +0.77%       -1.24%   $10.83    55
 WTI crude      44.64  -$0.09   -0.20%       -3.92%   $47.81    29
 Currencies                                                       
 Euro/dlr      $1.122  $0.000   +0.01%       +0.04%               
 USD/AUD       0.7588   0.000   +0.04%       +0.70%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  

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