March 21, 2018 / 1:38 AM / 7 months ago

GRAINS-Wheat firms, edges up from one-month low as U.S. crops suffer further damage

    SYDNEY, March 21 (Reuters) - U.S. wheat futures edged higher
on Wednesday, rebounding from a one-month low touched in the
previous session, after damage to crops in a key producing
region from dry weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.1 percent to $4.53-1/2 a bushel by 0109
GMT. Prices closed up 0.5 percent on Tuesday, recovering from a
low of $4.50 a bushel - the lowest since Feb 22. 
    * The most active soybean futures rose 0.2 percent to
$10.30-3/4 a bushel, having firmed 0.6 percent on Tuesday.
    * The most active corn futures added 0.1 percent to
$3.74-3/4 a bushel, having closed down 0.1 percent in the
previous session.
    * The U.S. Department of Agriculture (USDA) late on Monday
rated 11 percent of top winter wheat producer Kansas in
good-to-excellent condition, down from 12 percent a week
earlier. Wheat ratings also declined in Texas.
    * Wheat had come under sustained pressure in recent days as
rains fell across parched fields.
    * U.S. agricultural exports could be at risk in any
retaliation over tariffs implemented by the White House, U.S.
Secretary of Agriculture Sonny Perdue said on Monday.

         
    MARKET NEWS  
    * The dollar held firm against major currencies on Wednesday
as traders look to whether the U.S. Federal Reserve will
indicate faster monetary tightening this year, with the first
rate increase of 2018 almost unanimously expected later in the
day.  
    * Oil prices rose on Wednesday, supported by tensions in the
Middle East and healthy global demand, although rising U.S.
output from the United States continued to weigh on markets.
  
    * U.S. stocks advanced modestly on Tuesday as higher oil
prices lifted the energy sector, but another slump in Facebook
Inc shares curbed gains.  
        
 Grains prices at  0109 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   453.50    0.50    +0.11%       +0.61%   478.56   28
 CBOT corn    374.75    0.25    +0.07%       -0.07%   380.09   35
 CBOT soy    1030.75    2.50    +0.24%       +0.81%  1039.96   45
 CBOT rice     12.21   $0.01    +0.04%       -0.61%   $12.36   44
 WTI crude     63.76   $0.22    +0.35%       +2.74%   $61.64   68
 Currencies                                                      
 Euro/dlr     $1.226  $0.002    +0.13%       -0.62%              
 USD/AUD      0.7693   0.001    +0.14%       -0.31%              
 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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