January 14, 2019 / 1:57 AM / a month ago

GRAINS-Wheat extends gains into second straight session

    SYDNEY, Jan 14 (Reuters) - U.S. wheat futures rose for a
second consecutive session on Monday as expectations for
increased demand for North American supplies amid tightening
stocks in the Black Seas supported prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.1 percent at $5.20-1/4 a bushel by 0136
GMT, having closed up 1.1 percent on Friday. 
    * The most active soybean futures were down 0.1
percent at $9.09-1/4 a bushel, having firmed 0.4 percent on
Friday.
    * The most active corn futures were up 0.1 percent to
$3.78-1/2 a bushel, having gained 0.5 percent in the previous
session.
    * Expectations that thinning supplies in Russia would raise
export opportunities for U.S. wheat supported prices.
    * The U.S. Department of Agriculture would have normally
published a fresh crop forecast on Friday but updates have been
postponed indefinitely due to the government shutdown.

    * U.S. officials expect China's top trade negotiator may
visit Washington this month, signalling that higher-level
discussions are likely to follow last week's talks with
mid-level officials in Beijing as the world's two largest
economies try to hammer out a deal to end a tit-for-tat tariff
war.
         
    MARKET NEWS  
    * The dollar rose against most of its peers on Monday,
although heightened investor expectations that the Federal
Reserve will not raise rates this year are most likely to cap
the greenback's gains.  
    * Oil prices edged up on Monday, supported by ongoing supply
cuts from producer club OPEC and Russia and by a drop in U.S.
drilling activity.  

    DATA/EVENTS (GMT)
0630 India     WPI Inflation           Dec
1000 EU        Industrial Production   Nov
     China     Exports, Imports        Dec
     China     Trade Balance           Dec
        
 Grains prices at  0136 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  520.25     0.75   +0.14%       +1.27%  519.61     59
 CBOT corn   378.50     0.25   +0.07%       +0.60%  380.56     50
 CBOT soy    909.25    -1.00   -0.11%       +0.28%  913.01     51
 CBOT rice    10.75   -$0.02   -0.19%       -0.92%  $10.65     59
 WTI crude    51.66    $0.07   +0.14%       -1.77%  $49.29     66
 Currencies                                                      
 Euro/dlr    $1.147   $0.000   +0.02%       -0.25%               
 USD/AUD     0.7214    0.000   -0.01%       +0.40%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Shreejay Sinha)
  
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