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GRAINS-Wheat firms, hits two-week high on adverse weather forecasts
May 22, 2017 / 1:20 AM / 7 months ago

GRAINS-Wheat firms, hits two-week high on adverse weather forecasts

    SYDNEY, May 22 (Reuters) - U.S. wheat rose nearly 1 percent
on Monday as forecasts for heavy rains across a key U.S. growing
region pushed the grain to a two-week high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.9 percent to $4.39 a bushel by 0105 GM, near
the session high of $4.39-1/4 a bushel - the highest since May
8. Wheat closed up 2.2 percent on Friday. 
    * The most active soybean futures rose 0.4 percent to
$9.57 a bushel, having firmed 0.9 percent on Friday.
    * The most active corn futures rose 0.3 percent to
$3.73-1/2 a bushel, having gained 1.8 percent in the previous
session.
    * Wheat draws support as forecasts for rains across the
United States stoke fears of production losses.
    * Heavy rains also support corn, which has edged higher amid
fears of further planting delays.
    * Soybeans and corn were under pressure last week amid a
slump in the Brazilian real, which saw farmers rush to sell
their record supplies.
         
    MARKET NEWS  
    * Oil prices rose on Monday, supported by reports that an
OPEC-led supply cut would not only be extended into next year
but might also be deepened in order to tightening the market and
prop up prices.  
    
        DATA AHEAD (GMT) 
1230 U.S.              National activity index            Apr 
        
 Grains prices at  0052 GMT
 Contract       Last    Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   439.00      3.75    +0.86%       +3.11%  435.52    67
 CBOT corn    373.50      1.00    +0.27%       +2.05%  370.05    62
 CBOT soy     957.00      4.00    +0.42%       +1.30%  963.48    48
 CBOT rice     10.83     $0.00    -0.05%       -0.55%  $10.20    74
 WTI crude     50.62     $0.29    +0.58%       +2.57%  $49.44    73
 Currencies                                                        
 Euro/dlr     $1.119   -$0.001    -0.12%       +0.81%              
 USD/AUD      0.7443    -0.002    -0.21%       +0.36%              
 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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