March 7, 2018 / 2:12 AM / 3 months ago

GRAINS-Wheat falls 1 pct on USDA crop-condition report

    SYDNEY, March 7 (Reuters) - U.S. wheat futures fell 1 percent on Wednesday as the market took comfort from a widely watched U.S.
government report that showed the condition of crops in key producing regions improved despite recent adverse weather.
    * The most active wheat futures on the Chicago Board of Trade were down 1 percent at $5.01-3/4 a bushel, by 0148 GMT,
after closing down 0.4 percent on Tuesday. Wheat hit a high of $5.18-1/2 a bushel last week, the steepest since July 2017.
    * The most active soybean futures slipped 0.4 percent to $10.74 a bushel, after closing 0.3 percent lower in the previous
    * The most active corn futures slid 0.3 percent to $3.87-1/4 a bushel, having ended 0.3 percent higher in the previous
    * The USDA in a state crop report late Monday rated 13 percent of the Kansas winter wheat crop in good-to-excellent condition,
up from 12 percent in a monthly report released Feb. 26.
    * The USDA rated Oklahoma's wheat as 6 percent good-to-excellent, up from 4 percent in a Feb. 26 monthly report.
    * USDA on Thursday will release monthly supply and demand outlook for wheat, corn and soybeans. Some analysts expected the
agency to show larger U.S. wheat ending stocks due to weak export demand and despite the risk of crop losses.
    * The dollar extended its latest retreat in Asia on Wednesday after a key advocate for free trade in the White House announced
his resignation, fanning fears President Donald Trump would go ahead with tariffs and risk a trade war.  
    * Oil prices rose on Tuesday, supported by a weaker dollar but U.S. crude's gains were limited by expectations for a weekly rise
in U.S. crude stockpiles.  
    * U.S. stock futures fell more than 1 percent late Tuesday after the resignation of U.S. President Donald Trump's top economic
adviser, Gary Cohn, fuelled fears that the administration would follow through with plans to impose steel and aluminium tariffs,
possibly triggering a trade war.  
0745  France              Trade data                   Jan
0800  China               Forex reserves               Feb
1000  Euro zone           Revised GDP                  Q4
1315  U.S.                ADP national employment      Feb
1330  U.S.                International trade          Jan
1900  Federal Reserve Beige Book on economic condition
 Grains prices at 0148 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat   501.75   -5.25   -1.04%       -1.47%   472.88     74
 CBOT corn    387.25   -1.00   -0.26%       +0.00%   374.14     72
 CBOT soy    1070.00   -4.75   -0.44%       -0.70%  1026.54     68
 CBOT rice     12.48   $0.00   +0.00%       +0.12%   $12.45     60
 WTI crude     62.16  -$0.44   -0.70%       -0.66%   $62.77     48
 Euro/dlr     $1.241  $0.001   +0.06%       +0.61%                
 USD/AUD      0.7795  -0.003   -0.41%       +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 Sherry Jacob-Phillips)
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