January 17, 2018 / 1:49 AM / a year ago

GRAINS-Wheat edges higher, lingers near more than 1-month low

    SYDNEY, Jan 17 (Reuters) - U.S. wheat futures edged higher for the first time in four sessions on
Wednesday, though prices continued to linger near more than one-month lows as ample global supplies
continued to weigh.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up 0.1 percent at $4.16-3/4 a
bushel by 0124 GMT, having closed down 1 percent on Tuesday when prices hit a low of $4.13-3/4 a bushel -
the lowest since December 13, 2017. 
    * The most active soybean futures were little changed at $9.67-1/2 a bushel, having firmed 0.8
percent on Tuesday when prices hit a high of $9.70 a bushel - the highest since January 8.
    * The most active corn futures were up 0.1 percent at $3.48-1/2 a bushel, having gained 0.6
percent in the previous session.
    * The USDA estimated 2018 U.S. winter wheat plantings at 32.608 million acres, above analyst
expectations for 30.1 million to 32 million acres.
    * U.S. domestic demand also supported soybeans after the National Oilseed Processors Association
reported a record-large December soy crush of 166.382 million bushels among its members.
    * Soybeans were pressured by widespread rains in Brazil over the weekend, which fuelled speculation that
the world's largest exporter could harvest a larger-than-expected crop this season.
         
    MARKET NEWS  
    * The dollar fell to a three-year low against its peers on Wednesday, with an earlier bounce sputtering
as the euro edged back after shaking off a potentially negative turn in German politics.  
    * Oil prices rose on Wednesday on tightening supply and strong global demand, although some analysts
warned of a downward correction after a more than 13-percent price rise in a month.  
    * Wall Street paused its rally on Tuesday, weighed down by weakness in General Electric shares
and as lower oil prices dragged down the energy sector.
    
    DATA/EVENT AHEAD (GMT)
1415  U.S.       Industrial production             Dec
1500  U.S.       NAHB housing market index         Jan
1500  U.S. Senate Banking Committee votes on nomination of Jerome Powell as chairman of the Federal Reserve
    
 Grains prices at  0124 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   416.75    0.25    +0.06%       -0.89%  424.90     33
 CBOT corn    348.50    0.25    +0.07%       +0.65%  350.26     46
 CBOT soy     967.50   -0.50    -0.05%       +0.73%  975.82     59
 CBOT rice     12.09  -$0.05    -0.45%       +2.37%  $12.06     67
 WTI crude     63.91   $0.18    +0.28%       -0.61%  $59.67     74
 Currencies                                                       
 Euro/dlr     $1.229  $0.003    +0.25%       +0.24%               
 USD/AUD      0.7990   0.003    +0.38%       +0.34%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)
  
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