June 14, 2019 / 1:28 AM / 4 months ago

GRAINS-Corn hits near 4-year high, set to finish week up 7%

    SYDNEY, June 14 (Reuters) - U.S. corn futures on Friday hit a near four-year high as concerns
that North American farmers will be unable to complete planting pushed the grain towards weekly
gains of nearly 7%.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board Of Trade  hit a session high of
$4.45-1/4 a bushel - their highest since July 2015. Corn closed 2.8% firmer on Thursday.
    * Corn is up nearly 7% for the week after closing down 2.7% last week.
    * The most active soybean futures up nearly 4% for the week, rebounding after losses of
2.5% last week.     
    * The most active wheat futures up more than 6% for the week, poised for their fifth
straight weekly gain.
    * Corn draws support amid concerns that more rains across the U.S. Midwest will slow down
planting.
    * If farmers are unable to sow corn, they may be forced to switch to soybeans.
             
    MARKET NEWS  
    * The U.S. dollar held steady early in Asia on Friday, and was set to show a weekly rise as
investor focus turned to next week's Federal Reserve meeting for cues on a possible interest rate
cut in light of rising risks to trade and global growth.   
    * Oil edged lower in volatile trading on Friday, posting a second consecutive weekly loss as
caution about Europe's debt crisis and year-end positioning continued to spark selling into rallies.
  
    * U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil
on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman.  
    
    DATA/EVENTS (GMT)
0630    India   WPI Inflation YY         May
1030    Russia  Central Bank Key Rate    June
    
 Grains prices at  0103 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  536.50    1.00    +0.19%       +1.95%  481.08     72
 CBOT corn   444.25    2.25    +0.51%       +3.31%  398.73     77
 CBOT soy    889.00    1.00    +0.11%       +1.25%  848.00     70
 CBOT rice    11.67   $0.02    +0.17%       -0.60%  $11.35     57
 WTI crude    52.03  -$0.25    -0.48%       +1.74%  $58.02     34
 Currencies                                                      
 Euro/dlr    $1.128  $0.000    +0.01%       -0.10%               
 USD/AUD     0.6905  -0.001    -0.12%       -0.33%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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