April 20, 2018 / 12:41 AM / a month ago

GRAINS-Wheat edges lower, set to finish the week up nearly 4 percent

    SYDNEY, April 20 (Reuters) - U.S. wheat futures edged lower
on Friday but were set to post a weekly gain of nearly 4 percent
as earlier forecasts of much needed rains were scaled back,
heightening concerns about the condition of the U.S. crop.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up nearly 4 percent so far for the week, a
third consecutive weekly gain.
    * The most active soybean futures were down 0.5
percent for the week after posting a 2 percent gain in the
previous week.
    * The most active corn futures were up 1 percent for
the week, the biggest weekly gain in three weeks.
    * The U.S. Agriculture Department on Thursday morning said
soybean export sales in the week ended April 12 totalled 2.132
million tonnes, near the high end of market forecasts for 1.4
million to 2.2 million tonnes.
    * The USDA has not reported any spot sales this week,
highlighting worries about exporters striking fresh deals with
the world's largest buyer of the oilseed amid escalations of
trade threats between the United States and China.
    * Earlier forecasts of substantial rainfall in the U.S.
Plains this weekend had led to sharp losses on Monday. But
subsequent projections have pointed to limited rain next week,
which could keep crops struggling with drought.
         
    MARKET NEWS  
    * The dollar gained against a basket of currencies on
Thursday on higher U.S. bond yields and expectations of more
rate increases from the Federal Reserve, while sterling fell to
a near two-week low on perceived dovish remarks from the head of
the Bank of England.  
    * Oil prices on Thursday hit highs not seen since 2014,
built on the ongoing drawdowns in global supply and as Saudi
Arabia looks to push prices higher, though U.S. crude gave back
gains in the afternoon to finish lower.  
    * Wall Street's three major indexes closed lower on
Thursday, with tobacco stocks leading a tumble in consumer
staples while concerns about smartphone demand hurt the
technology sector and rising bond yields and earnings helped
financials rebound.  
    
    DATA/EVENT AHEAD (GMT)
0600  Germany        Producer prices                       Mar
1400  Euro zone      Consumer confidence flash             Apr
1645  Washington     G20 Finance Ministers hold news conference
following their talks on the sidelines of the spring meeting of
the IMF and World Bank
        
 Grains prices at  0014 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   490.00    -0.75   -0.15%       +3.10%   468.84   53
 CBOT corn    381.50    -0.50   -0.13%       -0.39%   383.48   39
 CBOT soy    1048.25    -0.75   -0.07%       +0.62%  1037.55   45
 CBOT rice     13.03   -$0.05   -0.38%       -1.10%   $12.57   63
 WTI crude     68.29    $0.00   +0.00%       -0.26%   $64.43   72
 Currencies                                                      
 Euro/dlr     $1.234   $0.000   -0.02%       -0.25%              
 USD/AUD      0.7715   -0.001   -0.17%       -0.86%              
 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)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below