February 5, 2018 / 1:55 AM / 6 months ago

GRAINS-Wheat falls 1 pct to hit 10-day low as snow blankets U.S. Midwest

    SYDNEY, Feb 5 (Reuters) - U.S. wheat futures fell more than
1 percent on Monday to hit a 10-day low as heavy snow fell
across the Midwest, easing fears that recent adverse weather
will curb production from the world's largest exporter.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 1.3 percent at $4.41 a bushel by 0129 GMT,
near the session low of $4.40-1/4 a bushel - the lowest since
Jan. 26. Wheat closed down 0.9 percent on Friday. 
    * The most active soybean futures fell 0.6 percent to
$9.72-1/2 a bushel, near the session low of $9.72-1/4 a bushel -
the lowest since Jan. 19. Soybeans closed down 0.6 percent on
Friday.
    * The most active corn futures were down 0.8 percent
to $3.58-3/4, having closed down 0.1 percent in the previous
session.
    * Snow falls across U.S. Midwest provided a protective snow
cover, as well as much needed moisture for crops.
    * Further snow is expected.
    * The USDA reported another 365,000 tonnes of U.S. corn
export sales on Friday, its seventh daily corn sales
announcement in nine days.
         
    MARKET NEWS  
    * The dollar steadied on Monday after rallying on upbeat
U.S. jobs data, which sent bond yields surging on the prospects
of increasing inflation and hammered equities.  
    * Oil prices on Monday extended declines from the end of
last week on the back of a stronger dollar, with Brent crude
falling to its lowest in nearly a month.  

    DATA AHEAD (GMT)
0145  China              Caixin services PMI             Jan
0850  France             Markit services PMI             Jan
0855  Germany            Markit services PMI             Jan
0900  Euro zone          Markit services PMI final       Jan
0930  Euro zone          Sentix index                    Feb
1000  Euro zone          Retail sales                    Dec
1500  U.S.               ISM non-manufacturing PMI       Jan
        
 Grains prices at  0129 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  441.00    -5.75    -1.29%       -2.22%  432.59     52
 CBOT corn   358.75    -2.75    -0.76%       -0.83%  353.39     54
 CBOT soy    972.50    -6.25    -0.64%       -1.27%  973.29     38
 CBOT rice    12.44   -$0.02    -0.16%       +0.28%  $12.09     67
 WTI crude    64.86   -$0.59    -0.90%       -1.43%  $62.99     54
 Currencies                                                       
 Euro/dlr    $1.245  -$0.001    -0.11%       -0.50%               
 USD/AUD     0.7916    0.000    -0.05%       -1.52%               
 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)
  
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