March 19, 2019 / 3:18 AM / 7 months ago

GRAINS-Chicago wheat rebounds on short-covering, corn firms

    * Wheat up 0.6 pct after closing 1.2 pct down on Monday
    * Lack of demand for U.S. supplies limits gains in wheat

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, March 19 (Reuters) - Chicago wheat futures rose
on Tuesday, gaining for three out of four sessions on support
from short-covering, although lacklustre demand for U.S.
supplies kept a lid on the market.
    Corn firmed, recouping some of last session's decline, while
soybeans were little changed after closing lower on Monday.
    The most-active wheat contract on the Chicago Board Of Trade
 was up 0.6 percent at $4.59-1/4 a bushel by 0255 GMT.
Wheat closed about 1 percent lower on Monday after hitting a
high of $4.64 a bushel - the highest since March 6.
    Corn added 0.1 percent to $3.72 a bushel and soybeans
 were up 0.03 percent at $9.06 a bushel.
    "It is short covering in wheat," said Ole Houe, director of
advisory services at brokerage IKON Commodities in Sydney.
    "We continue to see solid tender demand globally, even
though not quite reflected in the weekly U.S. sales just yet."
    The U.S. Department of Agriculture reported weekly export
inspections of U.S. wheat at 353,727 tonnes, below a range of
trade expectations for 400,000 to 700,000 tonnes.

    The USDA reported export inspections of U.S. corn in the
latest week at 795,241 tonnes, down from an adjusted figure of
803,351 tonnes the previous week.
    Wet weather and flooding in northwestern parts of the
Midwest Corn Belt and the Mississippi River Delta threaten to
delay corn planting and encourage farmers to switch some acres
to soybeans, which can be seeded later in the season.
    Brazilian soybean exports are expected to fall almost 20
percent this year from a record above 80 million tonnes in 2018,
but official trade data released on Monday shows strong outflows
of beans to foreign destinations, at least for now.
    The Safras & Mercado consultancy on Monday forecast that
total soybean exports from the world's leading seller would
reach 70 million tonnes compared with 83.86 million tonnes in
2018.

 Grains prices at  0255 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  459.25  2.50    +0.55%   -0.65%       479.82  13
 CBOT corn   372.00  0.50    +0.13%   -0.33%       376.67  33
 CBOT soy    906.00  0.25    +0.03%   -0.36%       914.48  39
 CBOT rice   10.74   $0.02   +0.19%   +0.09%       $10.56  60
 WTI crude   59.09   $0.00   +0.00%   +0.97%       $56.00  
 Currencies                                                
 Euro/dlr    $1.134  $0.000  +0.04%   +0.13%               
 USD/AUD     0.7102  0.000   +0.00%   +0.21%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; editing by Richard Pullin)
  
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