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GRAINS-Wheat prices hit 6-wk high, set for biggest weekly gain in 3 mths
January 6, 2017 / 2:11 AM / 10 months ago

GRAINS-Wheat prices hit 6-wk high, set for biggest weekly gain in 3 mths

SYDNEY, Jan 6 (Reuters) - U.S. wheat rose for a third
session on Friday to hit its highest in six weeks, with the
grain set for its biggest one-week gain in nearly three months
on bargain-buying and a weaker dollar.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade have climbed 4.5 percent so far this week, on target
for their biggest such gain since Oct. 14, 2016.
    * Wheat on Friday hit its highest since Nov. 23 at $4.27-1/4
a bushel.
    * The most active soybean futures are up nearly 1
percent for the week in what would be their second straight
weekly gain.
    * The most active corn futures have risen more than
2.5 percent this week, their biggest such gain in a month. 
    * Soybean prices have been weighed down by bumper harvests
in South America, although potential weather setbacks, including
heavy rain that has disrupted late planting in parts of
Argentina, have offered some support.
    * Argentine farmers are expected to plant 19.3 million
hectares with soybeans, the Buenos Aires Grains Exchange said on
Thursday, lowering its previous 19.6 million hectare estimate.
 
         
    MARKET NEWS  
    * The dollar tottered at three-week lows against a basket of
currencies on Friday after it suffered a swift evaporation of
bullish momentum in the wake of a jump in the Chinese yuan.
  
    * Oil prices were little changed on Friday after gaining
nearly 1 percent the day before on news that Saudi Arabia had
cut production to meet OPEC's agreement to reduce output. 
    
    DATA (GMT)
1000 Euro Zone    Retail Sales         Nov 
1000 Euro Zone    Business Climate     Dec
1330 U.S.         Non-Farm Payrolls    Dec 
1330 U.S.         Unemployment Rate    Dec
1330 U.S.         International Trade  Nov 
1500 U.S.         Durable Goods        Nov 
1530 U.S.         ECRI Weekly Index 
        
 Grains prices at  0121 GMT
 Contract        Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    426.75     0.50    +0.12%       +1.97%  409.43    73
 CBOT corn     361.25     0.00    +0.00%       +0.42%  354.64    67
 CBOT soy     1012.75     0.25    +0.02%       -0.25%  1031.5    46
                                                            4  
 CBOT rice       9.75    $0.00    +0.00%       +1.46%   $9.81    63
 WTI crude      53.72   -$0.04    -0.07%       +0.86%  $51.48    64
 Currencies                                                        
 Euro/dlr      $1.058  -$0.002    -0.19%       +0.93%              
 USD/AUD       0.7330   -0.001    -0.08%       +0.65%              
 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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