July 25, 2019 / 1:38 AM / a month ago

GRAINS-Wheat edges lower, global production concerns limit losses

    SYDNEY, July 25 (Reuters) - U.S. wheat futures edged lower
on Thursday after rallying more than 2% in the previous session,
though losses were checked by fears over global production
following adverse weather in several major exporters. 
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.3% at $4.96-1/4 a bushel by 0107 GMT,
having closed up 2.1% on Wednesday. 
    * The most active soybean futures were unchanged at
$9.08-1/2 a bushel, having firmed 0.5% on Wednesday.
    * The most active corn futures were little changed at
$4.30-1/2 a bushel, having gained 1.1% in the previous session.
    * Russian wheat production is expected to be 75 million
tonnes this year, the country's agricultural ministry said on
Tuesday.
    * Variable quality findings in north central North Dakota
emerge from the Wheat Quality Council's tour.
    * Top U.S. and Chinese negotiators will meet face-to-face
next week for the first time since leaders of both countries
agreed in June to revive talks aimed at ending their year-long
trade war.
             
    MARKET NEWS  
    * The euro was mired near a two-month low on Thursday ahead
of a European Central Bank meeting that could signal monetary
easing as growth in the currency zone falters.  
    * Oil prices fell 1% on Wednesday, failing to draw lasting
support from a large decrease in U.S. crude stockpiles as
investors worried about global oil demand.  
    * The S&P 500 and Nasdaq hit record highs on Wednesday after
reassuring comments from Texas Instruments about global chip
demand blunted the impact of weak earnings reports from Boeing
and Caterpillar.  
      
 Grains prices at  0107 GMT
 Contract         Last      Change     Pct chg      MA 30    RSI 
 CBOT wheat     496.25       -1.50      -0.30%     452.71      41
 CBOT corn      430.50       -0.25      -0.06%     368.13      38
 CBOT soy       908.50        0.25      +0.03%     878.86      51
 CBOT rice       12.06       $0.03      +0.21%     $10.76      76
 WTI crude       56.04       $0.16      +0.29%     $56.93      44
 Currencies                                                      
 Euro/dlr       $1.114      $0.000      -0.04%                   
 USD/AUD        0.6977       0.000      +0.01%                   
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  
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