August 30, 2018 / 1:54 AM / 22 days ago

GRAINS-Wheat adds to steep rise on fears Russia may limit exports

    SYDNEY, Aug 30 (Reuters) - U.S. wheat futures rose 1 percent
on Thursday, adding to a steep rise in the previous session as
concerns that Russia will limit exports pushed prices to a near
one-week high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 1 percent at $5.46-3/4 a bushel by 0138 GMT,
near the session high of $5.49 a bushel - the highest since Aug.
23. Wheat closed up 4.4 percent on Wednesday. 
    * The most active soybean futures were up 0.4 percent
at $8.39-1/4 a bushel, having firmed 0.3 percent on Wednesday.
    * The most active corn futures were up 0.6 percent to
$3.58-1/2 a bushel, having gained 0.1 percent in the previous
session.
    * Wheat won support amid concerns that Russia, the world's
biggest wheat supplier, might curtail exports after a
disappointing harvest this summer.
    * Russia's agriculture ministry will meet grain exporters on
Sept. 3 to discuss the market situation, two trade sources told
Reuters.
    * Russian consultancy IKAR on Tuesday lowered its estimate
of Russia's 2018 wheat harvest to 69.6 million tonnes from 70.8
million tonnes previously. The firm left its Russian wheat
export estimate unchanged at 32.5 million tonnes.
    * Soybeans were pressured by fears that African swine fever
in China's hog herd could limit demand for soymeal. China's
agriculture ministry said it cannot rule out the possibility of
new outbreaks.
         
    MARKET NEWS  
    * The dollar rose against most currencies on Wednesday, as
optimism over a U.S.-Mexico trade deal gave way to concern that
a conflict over trade between Washington and Beijing was not
about to end soon.  
    * Oil prices rose more than 1 percent on Wednesday, with
Brent at its highest in seven weeks and U.S. crude touching a
three-week peak, supported by a drawdown in U.S. crude and
gasoline stocks and reduced Iranian crude shipments as U.S.
sanctions deter buyers.  
    * Wall Street extended its rally on Wednesday, with the S&P
500 and the Nasdaq hitting record highs for the fourth straight
session as technology companies pushed indexes higher and
promising trade negotiations stoked investor sentiment.  
    
    DATA AHEAD (GMT)
0600  Germany                Import prices               Jul
0755  Germany                Unemployment rate           Aug
0900  Euro zone              Business climate            Aug
1200  Germany                Consumer prices             Aug
1230  U.S.                   Personal income             Jul
1230  U.S.                   Weekly jobless claims
        
 Grains prices at  0138 GMT
 Contract       Last   Change  Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat   546.75     5.00   +0.92%        +4.49%  558.05   49
 CBOT corn    358.50     2.00   +0.56%        +0.63%  373.63   31
 CBOT soy     839.25     3.25   +0.39%        +0.72%  878.25   33
 CBOT rice     10.85   -$0.02   -0.14%        +1.88%  $11.14   55
 WTI crude     69.63    $0.12   +0.17%        +1.61%  $68.11   71
 Currencies                                                      
 Euro/dlr     $1.170  -$0.001   -0.07%        +0.04%             
 USD/AUD      0.7284   -0.002   -0.33%        -0.72%             
 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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