May 17, 2019 / 1:10 AM / 3 months ago

GRAINS-Corn jumps to 3-month high, set for biggest weekly gain in nearly 4 years

    SYDNEY, May 17 (Reuters) - U.S. corn futures rose nearly 1%
on Friday to hit a more than three-month high as concerns over
planting delays pushed the grain towards its biggest weekly
rally since 2015.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 rises nearly 9% for the week, the biggest weekly gain
since July 2015.
    * Corn hit a high of $3.82 a bushel on Friday - the highest
since Feb 8.
    * The most active wheat futures gain more than 10% for
the week, the biggest rally since June 2017.
    * The most active soybean futures add 4% for the week,
the first weekly gain in six weeks.
    * Rains across U.S. Midwest threaten to slow planting of
corn. Delays could prompt farmers to switch to planting
soybeans.
    * Farmers had seeded 30% of the U.S. 2019 corn crop by
Sunday, the U.S. Department of Agriculture (USDA) said on
Monday, well behind a five-year average of 66%.
         
    MARKET NEWS  
    * The dollar hovered near a two-week high against its peers
on Friday, supported by strong U.S. economic data and a bounce
in Treasury yields.  
    * Oil futures were up more than 1% on Thursday as tensions
in the Middle East grew, with a Saudi-led coalition launching
air strikes in retaliation for recent attacks on its crude
infrastructure.  
    * Wall Street closed higher on Thursday as upbeat earnings
and strong economic data put investors in a buying mood, with
technology companies leading the charge.  
        
 Grains prices at  0050 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   469.75    2.75    +0.59%       +4.74%   449.11   78
 CBOT corn    381.75    2.75    +0.73%       +3.53%   365.90   77
 CBOT soy     841.25    1.50    +0.18%       +1.17%   867.80   61
 CBOT rice     10.92   $0.01    +0.09%       -0.91%   $10.72   81
 WTI crude     63.13   $0.26    +0.41%       +1.79%   $63.33   60
 Currencies                                                      
 Euro/dlr     $1.117  $0.000    +0.01%       -0.24%              
 USD/AUD      0.6885  -0.001    -0.10%       -0.61%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Shreejay Sinha)
  
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