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GRAINS-US wheat up for 2nd day on short-covering, soybean prices ease
September 21, 2017 / 3:37 AM / in a month

GRAINS-US wheat up for 2nd day on short-covering, soybean prices ease

    * Chicago wheat prices rise ahead of U.S., Europe planting
    * Strong demand from China supports soybean prices, corn
firm

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, Sept 21 (Reuters) - Chicago wheat futures rose
for a second session on Thursday, with prices underpinned by
short-covering and positioning ahead of winter crop planting in
the United States and Europe.
    Soybeans ticked lower after climbing on Wednesday when the
oilseed drew support from a report of strong export figures by
the U.S. Department of Agriculture.
    The Chicago Board of Trade most-active wheat contract
had gained 0.2 percent to $4.50-1/2 a bushel by 0316 GMT, having
closed up 1.5 percent on Wednesday. 
    Soybeans were down 0.1 percent at $9.69-1/2 a bushel,
while corn added 0.1 to $3.50-1/2 a bushel, with both
markets having gained half a percent on Wednesday.
    "The supply-side news has been factored into the wheat
market, right now people are watching planting intentions in the
U.S. and Europe," said one India-based commodities analyst.
    "Prices are low enough for farmers to further reduce
planting."
    Farmers in the northern hemisphere will start planting wheat
which will be harvested next year.
    In the United States, the wheat crop harvested area dropped
17.762 million hectares in 2016/17 from 19.149 million hectares
a year ago, according to USDA data. In 2017/18, it is likely to 
drop further to 15.425 million hectares. 
    Commodity funds were net buyers of CBOT corn, wheat and
soybean futures contracts on Wednesday.
    The USDA said private exporters sold 1.2 million tonnes of
U.S. soybeans, including 1.08 million tonnes to unknown
destinations.
    The USDA said the soybean sale was among the 10 largest ever
announced through its daily reporting system, which dates to
1977. Analysts suspected that at least a portion of the sales to
unknown destinations was earmarked for China, which is by far
the world's largest soy importer.
    
 Grains prices at  0316 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  450.50  0.75     +0.17%   +1.69%       442.47  71
 CBOT corn   350.50  0.50     +0.14%   +0.65%       357.83  55
 CBOT soy    969.50  -0.50    -0.05%   +0.41%       950.39  65
 CBOT rice   12.73   -$0.07   -0.59%   -0.39%       $12.69  55
 WTI crude   50.71   $0.02    +0.04%   +2.49%       $48.25  70
 Currencies                                                 
 Euro/dlr    $1.188  -$0.001  -0.08%   -0.92%               
 USD/AUD     0.8000  -0.003   -0.39%   -0.11%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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