March 5, 2018 / 2:23 AM / 3 months ago

GRAINS-Wheat firms as adverse U.S. weather supports

    SYDNEY, March 5 (Reuters) - U.S. wheat futures rose on
Monday, rebounding from the previous session's 3 percent drop,
as adverse weather across a key producing region was set to
chimp production.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.6 percent to $5.03 a bushel by 0150 GMT,
after closing down 3 percent on Friday, when prices also hit a
high of $5.18-1/2 a bushel - the highest since July 2017.
    * The most active soybean futures were up 0.1 percent
to $10.72-1/4 a bushel, having firmed 0.3 percent on Friday.
    * The most active corn futures were unchanged
at$3.85-1/4, having closed down 0.3 percent in the previous
session.
    * Wheat had drawn support early last week amid concerns
about adverse weather across a key U.S. producing region.
    * The U.S. Department of Agriculture early on Friday said
that private exporters reported a sale of 198,000 tonnes of
soybeans to China, the second day in a row a sale to the world's
biggest buyer of the oilseed has been announced.
    * Crop conditions for drought-battered corn and soybeans in
Argentina worsened this week and ratings among the top three
provinces are now on average about 23 percentage points lower
than a month ago.
    * Private analytics firm Informa Economics on Friday cut its
forecast for Argentina's 2017/2018 soybean harvest by 7 million
tonnes to 44 million tonnes.
    * It also lowered its estimate of the country's 2017/18 corn
production to 33.5 million tonnes from 37 million tonnes.
             
    MARKET NEWS  
    * The euro gave up early gains and dipped in early Monday
trade as exit polls in Italian elections pointed to a
stronger-than-expected showing for the anti-establishment 5-Star
Movement, although it is falling short of an absolute majority.
  
    * Oil prices rose early on Monday ahead of a meeting between
OPEC and U.S. shale firms in Houston, raising expectations that
oil producers would discuss further how to clear a global oil
glut.  

    DATA AHEAD (GMT)
0145  China              Caixin services PMI                Feb
0850  France             Markit services PMI                Feb
0855  Germany            Markit services PMI                Feb
0900  Euro zone          Markit services PMI final          Feb
0930  Euro zone          Sentix index                       Mar
1000  Euro zone          Retail sales                       Jan
1500  U.S.               ISM non-manufacturing PMI          Feb
        
 Grains prices at  0150 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat   503.00    3.00   +0.60%       -2.42%   468.18     72
 CBOT corn    385.25    0.00   +0.00%       -0.26%   372.17     68
 CBOT soy    1072.25    1.25   +0.12%       +0.40%  1021.31     85
 CBOT rice     12.51   $0.04   +0.36%       +0.08%   $12.45     57
 WTI crude     61.66   $0.41   +0.67%       +1.10%   $62.85     47
 Currencies                                                       
 Euro/dlr     $1.233  $0.002   +0.12%       +0.53%                
 USD/AUD      0.7761   0.000   -0.01%       +0.09%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  
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