April 26, 2018 / 1:13 AM / in 4 months

GRAINS-Wheat at 7-week top on short-covering, corn eases after strong gains

    SINGAPORE, April 26 (Reuters) - Chicago wheat futures rose
for a third consecutive session on Thursday to a near seven-week
high, with prices underpinned by short-covering and adverse
weather that is curbing U.S. winter crop yields. 
    Corn slid after climbing to its highest since July on the
back of a slower pace of planting across the U.S. Midwest while
soybeans extended gains.
    
    FUNDAMENTALS
    * Wheat prices are being supported by lack of moisture in
U.S. southern Plains, which is expected to reduced yields of the
Hard Red Winter wheat crop.
    * For corn, despite forecasts for improving weather for
seeding in the next few weeks, farmers were still well behind
schedule for planting. In Iowa, typically the largest producer,
farmers had seeded none of their intended corn acreage as of
April 23, according to data from the U.S. Department of
Agriculture.
    * China's purchases of U.S. soybeans has come to a grinding
halt as fears of further action by Beijing to curb imports of
U.S. crops following last week's anti-dumping move on sorghum
rattles the agriculture industry.
    * Still, the market is expecting the two nations to reach a
trade agreement. Chinese soybean processors are closely watching
talks expected to be held next week between the Chinese and U.S.
governments that may decide whether tariffs will be imposed or
not.
    * Argentina's soybean crop is expected to decline to 38
million tonnes following hot, dry weather this year,
International Grains Council senior economist Darren Cooper said
on Wednesday.
    * Commodity funds were net buyers of Chicago Board of Trade
corn, wheat, soybean and soymeal contracts on Wednesday, traders
said. They were net sellers of soyoil futures.
    
    MARKET NEWS
    * Asian stocks edged up on Thursday as robust corporate
earnings helped Wall Street quell concerns over a surge in U.S.
bond yields, while the dollar hovered near three-month highs
against a basket of currencies.
    
    DATA/EVENT AHEAD (GMT)
0600  Germany          GfK consumer sentiment              May
1145  European Central Bank interest rate announcement
1230  ECB President Mario Draghi holds news briefing
1230  U.S.                 Durable goods                   Mar
1230  U.S.                 Advance goods trade balance     Mar
1230  U.S.                 Wholesale inventories           Mar
1230  U.S.                 Weekly jobless claims
    
 Grains prices at 0051 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  502.00   3.00    +0.60%   +3.67%       480.23   64
 CBOT corn   395.50   -0.25   -0.06%   +1.28%       391.58   57
 CBOT soy    1041.50  2.25    +0.22%   +0.73%       1046.39  43
 CBOT rice   13.22    $0.00   +0.00%   +0.69%       $12.68   66
 WTI crude   68.37    $0.32   +0.47%   +0.99%       $65.36   66
 Currencies                                                  
 Euro/dlr    $1.217   $0.001  +0.07%   -0.51%                
 USD/AUD     0.7572   0.001   +0.12%   -0.41%                
 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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