May 10, 2018 / 1:26 AM / 2 months ago

GRAINS-Wheat edges higher but gains muted ahead of USDA report

    SYDNEY, May 10 (Reuters) - U.S. wheat futures edged higher
on Thursday after touching a more than one-week low in the
previous session, although trade remained cautious ahead of a
widely watched U.S. Department of Agriculture forecast later in
the session.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board
Of Trade were up 0.3 percent at $5.12 a bushel by 0101 GMT,
having closed down 0.6 percent on Wednesday when prices hit a
low of $5.06-1/4 a bushel - the lowest since May 1.
    * The most active soybean futures were unchanged at
$10.15-3/4 a bushel, having closed down 0.4 percent on
Wednesday.
    * The most active corn futures were up 0.1 percent at
$4.03-1/4 a bushel, having closed down 0.1 percent in the
previous session.
    * The USDA is due to issue its May supply/demand report on
Thursday.
    * Analysts on average estimate U.S. 2018/19 world wheat
ending stocks at 269.18 million tonnes, down just slightly from
a record-high 271 million at the end of 2017/18.
    * Analysts on average expect the USDA on Thursday to lower
its forecasts of domestic and global 2017/18 soybean ending
stocks.
    * Analysts expect little change in the USDA's forecast of
2017/18 ending stocks for corn from its April figure near 2.18
billion bushels. 
             
    MARKET NEWS  
    * The dollar held firm on Thursday after the 10-year U.S.
bond yield rose back to the psychologically important 3 percent
mark and investors looked to U.S. consumer price data due later
to show an acceleration in inflation.  
    * Oil prices rose about 3 percent on Wednesday and hit fresh
3-1/2 year highs after a bigger-than-expected drawdown in U.S.
oil inventories extended gains from the United States' decision
to quit a nuclear deal with Iran.  
    * Wall Street surged on Wednesday as surging oil prices
boosted energy stocks following U.S. President Donald Trump's
decision the previous day to quit a nuclear agreement with Iran.
  
    
    DATA AHEAD (GMT)
0130  China             Consumer prices                 Apr
0130  China             Producer prices                 Apr
1230  U.S.              Consumer prices                 Apr
1230  U.S.              Weekly jobless claims
        
 Grains prices at  0101 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   512.00    1.50   +0.29%       -0.49%   495.46    58
 CBOT corn    403.25    0.50   +0.12%       +0.00%   397.34    59
 CBOT soy    1015.75    0.00   +0.00%       -0.44%  1044.58    37
 CBOT rice     12.70   $0.03   +0.20%       -0.47%   $12.99    31
 WTI crude     71.52   $0.38   +0.53%       +3.56%   $67.12    70
 Currencies                                                      
 Euro/dlr     $1.185  $0.000   -0.03%       -0.13%               
 USD/AUD      0.7456  -0.001   -0.08%       +0.08%               
 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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