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GRAINS-Wheat edges down from 6-week high
September 28, 2017 / 1:16 AM / 3 months ago

GRAINS-Wheat edges down from 6-week high

    SYDNEY, Sept 28 (Reuters) - U.S. wheat nudged lower on
Thursday, edging down from a six-week high touched in the
previous session, although losses were checked as traders
readied for a widely watched U.S. government supply forecast.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.2 percent at $4.60-3/4 a bushel by 0055
GMT, having closed up 1.7 percent on Wednesday when prices hit a
high of $4.62-3/4 a bushel - the highest since Aug. 8.
    * The most active soybean futures were down 0.1
percent to $9.64-1/4 a bushel, having firmed 0.2 percent on
Wednesday.
    * The most active corn futures were down 0.2 percent
to $3.53-1/4 a bushel, having closed up 0.5 percent in the
previous session.
    * U.S. Department of Agriculture to issue small grains
report on Friday when analysts expect the government to lower
its estimate of U.S. 2017 wheat production.
    * Analysts expect the USDA to report U.S. corn stocks as of
Sept. 1 at 2.353 billion bushels, which would be the largest
Sept. 1 stocks since 1988, if realized.
    * Soybeans under pressure as a spell of unseasonably hot
weather over the last week likely helped advance crop maturity,
easing fears of harvest delays.
         
    MARKET NEWS  
    * The dollar rose to a more than one-month high against a
basket of currencies on Wednesday, as optimism about U.S. fiscal
reforms boosted sentiment in favour of the greenback.  
    * Brent prices fell on Wednesday while U.S. crude rallied,
after oil stockpiles in the world's top consumer unexpectedly
drew down with refiners coming back online following Hurricane
Harvey last month.  
    * U.S. stocks rose on Wednesday as gains in financial shares
were powered by growing expectations for a December interest
rate hike and on hopes President Donald Trump's administration
may be making progress on a tax plan.  

    DATA (GMT)
0900  E.U.   Business Climate         Sept 
1230  U.S.   GDP Final                Q2 
1230  U.S.   Core PCE Prices Final    Q2 
1230  U.S.   Adv Goods Trade Balance  Aug 
1230  U.S.   Initial Jobless Claims   weekly  
     
 Grains prices at  0055 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   460.75   -0.75    -0.16%       +1.54%  441.78    75
 CBOT corn    353.25   -0.75    -0.21%       +0.28%  354.82    57
 CBOT soy     964.25   -1.25    -0.13%       +0.08%  956.29    49
 CBOT rice     11.85  -$0.05    -0.42%       -1.00%  $12.60    23
 WTI crude     52.09  -$0.05    -0.10%       +0.40%  $48.90    75
 Currencies                                                      
 Euro/dlr     $1.175  $0.001    +0.04%       -0.36%              
 USD/AUD      0.7853   0.000    +0.06%       -0.42%              
 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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