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GRAINS-Wheat extends losses as frost fears ease
May 5, 2017 / 1:41 AM / 7 months ago

GRAINS-Wheat extends losses as frost fears ease

    SYDNEY, May 5 (Reuters) - U.S. wheat edged lower on Friday,
extending two-losses to nearly 4 percent as fears of widespread
production losses due to a recent frost eased, although the
grain still looks set post a small weekly gain.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade up about 1 percent for the week, the second straight
weekly gain.
    * The most active soybean futures up 1.7 percent for
the week, the biggest weekly gain since Feb. 10.
    * The most active corn futures little changed for the
week.
    * Wheat comes under heavy pressure in recent days as fears
of production losses after recent cold weather across key
growing regions ease.
    * Wheat yield potential in Kansas was estimated at 46.1
bushels per acre (bpa), crop scouts on the annual Wheat Quality
Council crop tour said on Thursday. That tops the tour's
five-year average for the state.
    * Concerns linger that recent wet weather in the United
States may have washed away recently planted corn and soybeans
crops.
         
    MARKET NEWS  
    * The euro traded near a six-month high against the dollar
on Friday, supported by expectations that centrist Emmanuel
Macron will win France's presidential election.  
    * Oil prices were marooned near five-months lows on Friday
after a near 5 percent fall in the previous session on concerns
over rising U.S. supply, wiping out all of the price gains since
OPEC's move to curb output.  
    * Wall Street ended flat on Thursday as a steep fall for the
energy sector countered some solid earnings reports, with major
stock indexes closing little changed after the U.S. House of
Representatives passed a healthcare overhaul.  
    
    DATA AHEAD (GMT) 
1230  U.S.               Nonfarm payrolls              Apr 
1230  U.S.               Unemployment rate             Apr
        
 Grains prices at  0112 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   437.25    -0.50    -0.11%       -3.69%  439.46    52
 CBOT corn    367.25     0.75    +0.20%       -2.00%  368.90    44
 CBOT soy     973.50    -0.75    -0.08%       -0.18%  963.71    63
 CBOT rice      9.90    $0.00    -0.05%       -0.10%  $10.10    57
 WTI crude     45.59    $0.07    +0.15%       -4.66%  $50.04    19
 Currencies                                                       
 Euro/dlr     $1.098  -$0.001    -0.08%       +0.85%              
 USD/AUD      0.7403    0.000    -0.05%       -0.24%              
 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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