April 18, 2018 / 1:23 AM / 3 months ago

GRAINS-Wheat edges higher on worries over condition of U.S. crops

    SYDNEY, April 18 (Reuters) - U.S. wheat futures edged higher
on Wednesday, extending gains into a second session, as the
market remained concerned about the outlook for U.S. crops,
which have suffered from recent adverse weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.2 percent to $4.67-1/4 a bushel by 0109 GMT
after closing up 0.9 percent in the previous session.
    * The most active soybean futures were little changed
at $10.46-1/4 a bushel, after closing up 0.4 percent on Tuesday.
    * The most active corn futures were unchanged at
$3.80-1/4 a bushel, having closed down 0.6 percent in the
previous session.
    * The USDA said late on Monday that 31 percent of the U.S.
wheat crop is in good to excellent condition, up from 30 percent
last week. A year ago, the crop was rated 54 percent good to
excellent.
    * The USDA said 3 percent of the corn crop was planted as of
Sunday, lagging behind market forecasts.
    * China said on Tuesday it will slap a hefty anti-dumping
deposit on imports of U.S. sorghum, stirring trade tensions
between the world's top two economies. China is the biggest
buyer of U.S. soybeans and any moves it makes on its commodity
purchases ripples across the agriculture sector.
         
    MARKET NEWS  
    * The dollar held to modest gains on Wednesday after
climbing off a three-week low on upbeat U.S. data, although
lingering caution over U.S.-China trade tensions confined
currencies to narrow ranges.  
    * Oil prices edged up on Wednesday, lifted by a reported
fall in U.S. crude inventories and by the ongoing risk of supply
disruptions.  
    * U.S. stock indexes rallied on Tuesday on broad-based gains
while Netflix and UnitedHealth earnings impressed investors and
boosted optimism about the U.S. corporate reporting season.
 
    
    DATA AHEAD (GMT)
0130  China                House prices                   Mar
1800  Federal Reserve issues Beige Book on economic condition
        
 Grains prices at  0109 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   467.25    1.00    +0.21%       +1.08%   469.57   45
 CBOT corn    380.25    0.00    +0.00%       -0.59%   383.96   38
 CBOT soy    1046.25    0.25    +0.02%       +0.41%  1039.16   52
 CBOT rice     13.08  -$0.08    -0.57%       +0.19%   $12.53   72
 WTI crude     66.77   $0.25    +0.38%       +0.83%   $63.87   65
 Currencies                                                      
 Euro/dlr     $1.237  $0.000    -0.04%       -0.11%              
 USD/AUD      0.7760   0.000    -0.05%       -0.23%              
 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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