March 29, 2018 / 1:08 AM / in 5 months

GRAINS-Wheat firms as traders ready for USDA report

    SYDNEY, March 29 (Reuters) - U.S. wheat futures edged higher
for the first time in four sessions on Thursday, rebounding from
a near two-month low, as traders squared positions ahead of a
widely watched U.S. Department of Agriculture report.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.3 percent at $4.47 a bushel by 0047 GMT,
having closed down 0.8 percent on Wednesday when prices hit a
low of $4.44-1/2 a bushel - the lowest since Feb. 6. 
    * The most active soybean futures edged up 0.2 percent
to $10.19-3/4 a bushel, after closing down 0.1 percent on
Wednesday.
    * The most active corn futures added 0.2 percent to
$3.74-1/4 a bushel, having closed down 0.1 percent in the
previous session.
    * Market readying for USDA's plantings and stocks reports.
    * Analysts expected the government to project an increase in
U.S. soybean plantings compared to 2017 and a decline in corn
acreage.
    * Analysts also expected the USDA to show the largest U.S.
March 1 stocks on record for both corn and soybeans, following
several years of bumper harvests.
    * Brazilian soybean farmers are looking at another strong
year after a drought in Argentina and international trade
tensions involving the United States and China boosted prospects
for the country's oilseeds industry.
         
    MARKET NEWS  
    * The dollar rose to a one-week high against a basket of
major currencies on Wednesday, rebounding further from a
five-week low touched the prior session, supported by
quarter-end flows into the greenback as investors also shook off
fears of a trade war.  
    * Oil prices fell about 1 percent on Wednesday after data
showed U.S. crude inventories unexpectedly rose 1.6 million
barrels last week, weighing on market sentiment.  
    * Wall Street closed lower after a rocky session on
Wednesday as gains in consumer staples and healthcare were
offset by a sharp drop in Amazon shares and a continuing slide
in technology stocks.  
        
 Grains prices at  0047 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   447.00     1.50   +0.34%       -0.45%   474.76   33
 CBOT corn    374.25     0.75   +0.20%       +0.07%   380.43   40
 CBOT soy    1019.75     1.75   +0.17%       +0.02%  1042.88   39
 CBOT rice     12.43   -$0.02   -0.16%       -0.16%   $12.33   62
 WTI crude     64.66    $0.28   +0.43%       -0.90%   $62.65   58
 Currencies                                                      
 Euro/dlr     $1.231   $0.000   +0.03%       -0.73%              
 USD/AUD      0.7654    0.000   -0.07%       -0.30%              
 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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