May 2, 2018 / 12:50 AM / 22 days ago

GRAINS-Wheat falls from 9-mth high, U.S. crop condition curbs losses

    SYDNEY, May 2 (Reuters) - U.S. wheat futures edged down on
Wednesday to retreat from a more than nine-month high touched in
the previous session, but losses were curbed by ongoing concerns
over the condition of the U.S. crop after sustained dry weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were down 0.4 percent at $5.27-1/4 a bushel by 0020
GMT. They closed up 3.7 percent on Tuesday, when prices hit
their highest since July 13, 2017 at $5.35 a bushel.
    * The most active soybean futures were down 0.1
percent at $10.54-1/4 a bushel, having firmed 0.5 percent on
Tuesday.
    * The most active corn futures were down 0.1 percent
at $4.05-1/4 a bushel. They gained 1.2 percent in the previous
session, when prices marked their strongest since July, 2017 at
$4.06 a bushel.
    * Yield prospects for hard red winter wheat in northern
Kansas were estimated at 38.2 bushels per acre (bpa), according
to crop scouts on the first day of an annual three-day tour.

    * The U.S. Department of Agriculture said 17 percent of the
U.S. corn crop had been planted by Sunday, behind the five-year
average of 27 percent.
    * Australian farmers are planting wheat in some of the
driest soils in years, following on from a severe drought that
cut 2017/18 output in the world's fourth-largest wheat exporter
to the lowest in a decade.
         
    MARKET NEWS  
    * The U.S. dollar surged into positive territory for 2018 on
Tuesday and broke past key levels against several currencies as
a divergence between growth and the interest rate outlook versus
other countries spurred investors to chase the currency higher.
  
    * Oil prices slid more than 1 percent on Tuesday, but
worries that U.S. President Donald Trump will pull out of the
Iran nuclear deal underpinned the market.  
    * The S&P 500 edged higher on Tuesday after comments
from a Trump administration official on trade with China and the
Mexican economy minister on the renegotiation of the North
American Free Trade Agreement provided cause for optimism. 
        
 Grains prices at  0020 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   527.25    -2.00   -0.38%       +3.28%   485.13   80
 CBOT corn    405.25    -0.50   -0.12%       +1.12%   393.38   73
 CBOT soy    1054.25     1.00   +0.09%       +0.55%  1047.17   55
 CBOT rice     12.89    $0.00   +0.00%       -0.92%   $12.94   34
 WTI crude     67.45    $0.20   +0.30%       -1.63%   $66.10   48
 Currencies                                                      
 Euro/dlr     $1.199   $0.000   +0.01%       -0.69%              
 USD/AUD      0.7482   -0.001   -0.09%       -0.65%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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