December 28, 2017 / 3:02 AM / 23 days ago

GRAINS-Wheat edges lower, losses checked by concerns for U.S. crop

    SYDNEY, Dec 28 (Reuters) - U.S. wheat fell on Thursday,
edging lower after posting gains of more than 1 percent in the
previous session, although losses were checked by concerns that
unfavourable weather across the United States may damage crops.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.1 percent at $4.27-3/4 a bushel by 0232
GMT, having closed up 1.4 percent on Wednesday. 
    * The most active soybean futures were down 0.2
percent to $9.65-3/4 a bushel, having closed down 0.3 percent on
Wednesday.
    * The most active corn futures fell 0.1 percent to
$3.53-3/4, having gained 0.3 percent in the previous session.
    * Bitterly cold temperatures in the U.S. Plains threatened
to damage dormant winter wheat plants, further supporting wheat
prices. 
    * Trading volumes remained light ahead of Monday's New
Year's Day holiday, leaving prices vulnerable to increased
volatility due to a relative lack of liquidity.
    * Investment funds were holding a near record-large net
short position in U.S. wheat futures and had sizable net shorts
in corn and soybeans, according to regulatory data released last
week.
    * An explosion at a port operated by Chinese export company
COFCO in Argentina's Rosario grains hub killed one person and
injured others, local authorities said. It was unclear how the
incident would impact operations at the port.
     
   DATA (GMT)
 1330   U.S.  Weekly jobless claims
 1445   U.S.  Chicago purchasing management index   Dec
    
 Grains prices at  0232 GMT
 Contract      Last  Change  Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat  427.75   -0.25   -0.06%       +1.30%  428.51   69
 CBOT corn   353.25   -0.50   -0.14%       +0.14%  352.55   76
 CBOT soy    965.75   -1.75   -0.18%       -0.57%  991.07   35
 CBOT rice    11.79   $0.00   +0.00%       -1.34%  $12.10   41
 WTI crude    59.78   $0.14   +0.23%       -0.32%  $57.54   74
 Currencies                                                   
 Euro/dlr    $1.190  $0.002   +0.13%       +0.37%             
 USD/AUD     0.7780   0.001   +0.17%       +0.69%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
        
    MARKET NEWS  
    * The dollar was on the defensive on Thursday, facing
headwinds from a dip in U.S. 10-year bond yields, while
commodity-linked currencies were bolstered by this week's rally
in metal and oil prices.  
    * Oil prices were stable on Thursday with trading activity
drying up ahead of the New Year weekend. 
    * U.S. stocks eked out a gain on Wednesday, as advances in
some major technology stocks offset losses in energy and helped
keep major indexes just above the unchanged mark.  
    
    DATA (GMT)
1330   U.S.  Weekly jobless claims
1445   U.S.  Chicago purchasing management index   Dec
    
    


 (Reporting by Colin Packham)
  
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