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GRAINS-Wheat eyes biggest weekly gain since early Feb on U.S. weather woes
April 28, 2017 / 2:59 AM / 7 months ago

GRAINS-Wheat eyes biggest weekly gain since early Feb on U.S. weather woes

    * Wheat up 2.7 pct this week, cold U.S. weather threatens
    * Corn recoups last week's decline, improved weather caps

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, April 28 (Reuters) - Chicago wheat futures were
on track on Friday to end the week with the biggest gain since
early February, with prices underpinned by concerns over
freezing temperatures threatening the U.S. winter crop.
    Corn is set for a weekly gain, recouping last week's
decline, although the outlook for a boost to U.S. planting from
dry weather kept a lid on the market.
    The Chicago Board Of Trade's most-active wheat contract
 is up 2.7 percent this week, the biggest gain in 11 weeks.
    Corn is up 1.4 percent, recouping much of last week's
losses and soybeans are down 0.4 percent, the first weekly
decline in three weeks.
    "There is adverse cold weather for the U.S. winter wheat
crop which is reflected in the price action today," said Kaname
Gokon from brokerage Okato Shoji in Tokyo.
    "For corn we are expecting planting activity to accelerate
in the U.S. as it gets dry."
    Wheat prices climbed on worries that frigid temperatures in
the central and southern Plains could damage the developing crop
hard red winter wheat (HRW) crop.
    Low temperatures in north-central Kansas, the top HRW state,
are expected to be in the mid- to upper-20s (Fahrenheit),
according to the Commodity Weather Group.
    Corn is under pressure on forecasts that removed some of the
rain expected in early May, easing fears of planting delays.
    The U.S. Department of Agriculture on Thursday reported net
corn export sales hit a three-week high last week and soybean
sales hit a one-month peak, with old-crop deals for both crops
topping trade expectations.
    Large supplies continue to weigh on grain markets.
    The International Grains Council, in a monthly report on
Thursday, raised its forecast for the 2017/18 global grains crop
by 4 million tonnes to 2.054 billion tonnes, down from 2.111
billion in 2016/17.
    Stronger-than-expected soybean yields across Argentina could
more than make up for the 1 million hectares (2.47 million
acres) lost to flooding and drought this season, Buenos Aires
Grains Exchange said in its weekly crop report on Thursday.

    The 2016-17 soy harvest advanced by 16 percentage points
over the last week to a total 32.3 percent of planted area, the
report said.

 Grains prices at  0228 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  432.50  1.25     +0.29%   +1.29%       439.55  49
 CBOT corn   368.75  -0.50    -0.14%   -0.81%       368.43  46
 CBOT soy    956.75  -0.50    -0.05%   -0.85%       971.63  40
 CBOT rice   9.45    $0.02    +0.21%   +1.67%       $9.90   9
 WTI crude   49.33   $0.36    +0.74%   -0.58%       $50.19  35
 Euro/dlr    $1.087  -$0.003  -0.29%   -0.49%               
 USD/AUD     0.7471  0.000    -0.01%   -0.85%               
 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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