March 7, 2019 / 1:44 AM / 5 months ago

GRAINS-Wheat falls, lingers near 11-month low

    SYDNEY, March 7 (Reuters) - U.S. wheat futures fell on
Thursday as weak demand for North American supplies pushed
prices back towards an 11-month low struck late last week.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.4 percent at $4.48 a bushel by 0111 GMT,
having closed down 2.8 percent on Wednesday. 
    * Wheat hit a low of $4.47 last Friday, its weakest since
early April, as technical selling and competitive global
supplies pressured prices. 
    * The most active soybean futures were little changed
at $9.02-1/4 a bushel, having closed down 1.3 percent on
Wednesday.
    * The most active corn futures were down 0.5 percent
to $3.70-1/2 a bushel, having closed down 0.9 percent in the
previous session.
    * Wheat under pressure as U.S. supplies attract only tepid
demand overseas.
    * Ukraine expects a good grain harvest this year thanks to
an early spring and favourable weather, the agriculture ministry
said.
    * Market awaits development in U.S.-China trade talks.
    * Washington and Beijing have been locked in intense
negotiations to end the trade war between the world's two
largest economies. President Donald Trump, citing progress in
talks, last week delayed a planned tariff increase to 25 percent
from 10 percent on $200 billion of Chinese goods.
    * The U.S. Energy Information Administration said ethanol
production fell in the latest week to 1.02 million barrels per
day while stocks of the biofuel rose to 24.26 million barrels,
the highest in a year and second-most on record.
             
    MARKET NEWS  
    * Major currencies kept to tight ranges on Thursday as
traders focused their immediate attention on the European
Central Bank's (ECB) policy review, while the Australian and
Canadian dollar languished near two-month lows.  
    * Oil prices eased on Thursday, dragged down by record U.S.
crude output and rising commercial fuel inventories.  
    * Wall Street's main indexes fell for a third session on
Wednesday, with the S&P 500 posting its biggest one-day decline
in a month, as healthcare and energy shares slumped and
investors sought reasons to buy after the market's strong rally
to start the year.  

    DATA/EVENTS    
0830    Australia      Retail Sales                       Jan
0830    Australia      Trade Balance                      Jan
1400    South Africa   Gold and Forex Reserves            Feb
1630    UK             Halifax House Prices               Feb
1800    Euro Zone      Revised GDP                        Q4
2045    Euro Zone      ECB Refinancing/Deposit Rate       Mar
2130    US             Initial Jobless Claims             Mar 2
2130    France         Reserve Assets                     Feb
        
 Grains prices at  0111 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   448.00    -2.00   -0.44%       -3.19%  500.06    13
 CBOT corn    370.50    -2.00   -0.54%       -1.40%  381.98    33
 CBOT soy     902.25     0.25   +0.03%       -1.26%  923.10    39
 CBOT rice     10.86   -$0.01   -0.09%       +1.31%  $10.58    60
 WTI crude     56.19   -$0.03   -0.05%       -0.65%  $54.87    61
 Currencies                                                      
 Euro/dlr     $1.131   $0.001   +0.05%       +0.04%              
 USD/AUD      0.7032    0.000   +0.00%       -0.71%              
 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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