August 22, 2018 / 1:12 AM / in 3 months

GRAINS-Wheat edges higher, rebounds from eight-day low

    CANBERRA, Aug 22 (Reuters) - U.S. wheat futures edged higher
on Wednesday, rebounding from an eight-day low, though gains
were checked as fears Russia could limit exports eased,
alleviating concerns about global supplies.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.2 percent at $5.48-3/4 a bushel by 0052
GMT, having closed down 2.6 percent on Tuesday when prices hit a
low of $5.47 a bushel - the lowest since Aug. 13.
    * The most active soybean futures were down 0.3
percent to $8.83 a bushel, having closed down 0.8 percent on
Tuesday.
    * The most active corn futures were down 0.3 percent
to $3.73-1/4 a bushel, having closed down 0.8 percent in the
previous session.
    * Wheat under pressure as fears about Russian supplies ease.
    * Russia's agriculture minister does not currently see any
reason to introduce an export duty on wheat, the RIA news agency
reported on Tuesday.
    * Also, the agriculture ministry raised its forecast for the
country's 2018 grain crop to between 100 million and 105 million
tonnes, from 100 million previously.
    * Yield prospects for corn and soybean crops in South Dakota
and Ohio are up from a year ago and above average, scouts on an
annual U.S. crop tour found on Monday.
             
    MARKET NEWS  
    * The dollar sagged on Wednesday, as U.S. President Donald
Trump's comments on monetary policy continued to weigh on the
greenback and markets awaited U.S.-China trade talks and Federal
Reserve minutes for directional cues.  
    * Oil rose to its highest level in a week on Tuesday, buoyed
by the prospect of U.S. sanctions on Iran, though the trade
dispute between Washington and Beijing kept traders and analysts
cautious.  
    * The benchmark S&P 500 touched a record high on Tuesday and
equalled its longest-ever bull-market run, buoyed by strong
earnings reports in the consumer sector and relative calm in the
trade dispute between the United States and China.  
        
 Grains prices at  0052 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  548.75    1.00   +0.18%       -2.44%   553.92     41
 CBOT corn   373.25   -1.00   -0.27%       -0.86%   373.80     45
 CBOT soy    883.00   -3.00   -0.34%       -1.15%   879.93     50
 CBOT rice    10.53  -$0.02   -0.14%       +2.53%   $11.32     42
 WTI crude    66.11   $0.27   +0.41%       -0.48%   $68.14     41
 Currencies                                                      
 Euro/dlr    $1.158  $0.001   +0.07%       +0.85%                
 USD/AUD     0.7359  -0.001   -0.14%       +0.27%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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