January 9, 2019 / 2:06 AM / 2 months ago

GRAINS-Wheat firms 1 percent to linger near 20-day high

    SYDNEY, Jan 9 (Reuters) - U.S. wheat futures jumped 1
percent on Wednesday as expectations for increased demand for
North American supplies pushed prices to a near three-week high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 1 percent at $5.23 a bushel by 0143 GMT,
having closed up 0.2 percent on Tuesday when prices hit a high
of $5.25 a bushel - the highest since Dec. 20.
    * The most active soybean futures were up 0.4 percent
to $9.22-1/2 a bushel, having closed down 0.6 percent on
Tuesday.
    * The most active corn futures were up 0.36 percent to
$7.53-3/4, having closed down 0.6 percent in the previous
session.
    * China and the United States will continue trade talks in
Beijing for an unscheduled third day as officials from the
world's two largest economies looked to resolve their bitter
trade dispute that has slashed China's imports of U.S. soy.

    * In a positive sign on Tuesday, China approved five
genetically-modified crops for import, the first in about 18
months, which could boost its overseas grains purchases and ease
pressure from the United States to open its markets to more farm
goods.
             
    MARKET NEWS  
    * The dollar eased against some of its peers on Wednesday,
as hopes of progress in the Sino-U.S. trade dispute boosted
commodity-linked and riskier currencies.  
    * U.S. crude oil prices on Wednesday rose above $50 per
barrel for the first time in 2019 on hopes that Washington and
Beijing can resolve a trade dispute that has triggered a global
economic slowdown.  
    * The S&P 500 jumped to a three-week high on Tuesday, led by
Apple, Amazon, Facebook and industrial shares on bets that the
United States and China would strike a deal to end their trade
war.  
    
    DATA/EVENTS
0700     Germany    Exports MM SA           Nov
0700     Germany    Imports MM SA           Nov
0700     Germany    Trade Balance EUR SA    Nov
0900     Germany    Consumer Price Index    Dec
1000     EU         Unemployment Rate       Nov
1200     U.S.       Mortgage Market Index   Dec
1200     U.S.       MBA Purchase Index      Dec
    
 Grains prices at  0143 GMT
 Contract         Last   Change    Pct chg   Two-day chg    MA 30
 CBOT wheat     523.00     5.25     +1.01%        +1.21%   518.78
 CBOT corn      381.75     1.75     +0.46%        -0.13%   379.82
 CBOT soy       922.50     4.00     +0.44%        -0.19%   911.83
 CBOT rice       10.69   -$0.06     -0.51%        +0.23%   $10.66
 WTI crude       50.32    $0.54     +1.08%        +3.71%   $49.14
 Currencies                                                      
 Euro/dlr       $1.146   $0.002     +0.20%        -0.10%         
 USD/AUD        0.7157    0.002     +0.25%        +0.14%         
 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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