April 26, 2018 / 4:28 AM / 25 days ago

GRAINS-Wheat climbs to 7-wk high on short-covering, corn eases after strong gains

    * Wheat up for 3rd session, rises to highest since April 7
    * Corn steady after rally to strongest since July, soybeans
firm

 (Adds comment, detail)
    By Naveen Thukral
    SINGAPORE, April 26 (Reuters) - Chicago wheat futures rose
for a third consecutive session on Thursday to hit a seven-week
high, with prices underpinned by short-covering and adverse
weather that is curbing U.S. winter crop yields. 
    Corn was unchanged after climbing to its highest since July
on the back of a slower pace of planting across the U.S.
Midwest, while soybean prices extended gains.
    "There are concerns over lower yields for the winter crop as
rains were too late in some parts of the U.S. southern Plains
winter wheat belt," said Phin Ziebell, agribusiness economist at
National Australia Bank.
    "The upside potential is also limited, given the strong
supply push expected out of the Black Sea region."
    The Chicago Board of Trade most-active wheat contract
rose 0.9 percent to $5.03-1/4 a bushel, the highest since April
7. 
    Soybeans gained 0.6 percent to $10.45-1/2 a bushel,
while corn was unchanged at $3.95-3/4 a bushel.
    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 have 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 CBOT corn, wheat, soybean
and soymeal contracts on Wednesday, traders said. They were net
sellers of soyoil futures.

 Grains prices at  0357 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  503.25   4.25    +0.85%   +3.92%       480.28   65
 CBOT corn   395.75   0.00    +0.00%   +1.34%       391.59   57
 CBOT soy    1045.50  6.25    +0.60%   +1.11%       1046.53  48
 CBOT rice   13.25    $0.03   +0.19%   +0.88%       $12.68   66
 WTI crude   68.40    $0.35   +0.51%   +1.03%       $65.36   67
 Currencies                                                  
 Euro/dlr    $1.218   $0.002  +0.16%   -0.42%                
 USD/AUD     0.7575   0.001   +0.16%   -0.37%                
 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 and
Joseph Radford)
  
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