February 27, 2018 / 2:26 AM / 3 months ago

GRAINS-Wheat firms, lingers near seven-month high

    SYDNEY, Feb 27 (Reuters) - U.S. wheat edged higher on
Tuesday to linger near a seven-month high after the U.S.
Department of Agriculture said the condition of the crop has
been hurt by recent dry weather, stoking concerns about
potential lower global output.
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.4 percent to $4.74-1/2 a bushel by 0206
GMT, having closed up 1.8 percent on Monday when prices hit a
high of $4.76-3/4 a bushel - the highest since August 1, 2017. 
   * The most active soybean futures were down 0.1 percent
to $10.44-3/4 a bushel, having closed down 0.1 percent on
    * The most active corn futures were down 0.1 percent
to $3.68-1/4 a bushel, having gained 0.6 percent in the previous
    * Condition ratings for winter wheat declined in February
across most U.S. Plains states, including top producer Kansas,
the U.S. Department of Agriculture said on Monday, underscoring
the effect of drought in the region.
    * Wheat support by dry conditions in the U.S. Plains and
severe cold in Europe also fuelled weather concerns.
    * Some 15 millimetres (0.59 inches) of rain are expected to
fall on Argentina's Pampas grains belt in the coming days, a
local meteorologist said on Monday, potentially providing some
relief to the corn and soy crops reeling from four months of
    * Brazilian soybean farmers, however, are expected to
harvest a record 117.5 million tonnes of soybeans in the 2017/18
crop cycle, a top executive at Brazil-based consultancy
Agroconsult said on Friday.
    * The dollar eased on Tuesday, with the focus on a slew of
economic data this week and Federal Reserve Chairman Jerome
Powell's testimony, which could determine whether the U.S.
currency's recovery from a three-year low has more room to run.
    * U.S. oil prices rose for a fourth session on Tuesday to
near a three-week high hit a day earlier, supported by signs of
robust production curbs by OPEC and non-OPEC countries and a
slight fall in U.S. production.  
    * U.S. stocks rose to more than three-week highs on Monday,
recovering much of the losses sustained in a sell-off earlier
this month, as a decline in Treasury yields assuaged investor
concerns about rising interest rates and refocused attention on
economic growth.  
0745  France            Consumer confidence              Feb
0900  Euro zone         Money supply growth              Jan
1000  Euro zone         Business climate                 Feb
1300  Germany           Consumer prices                  Feb
1330  U.S.              Durable goods                    Jan
1330  U.S.              Advance goods trade balance      Jan
1400  U.S.              Monthly home price index         Dec
1400  U.S.              Case-Shiller housing index       Dec
1500  U.S.              Consumer confidence              Feb
1500  Federal Reserve Chairman Jerome Powell delivers           
  semi-annual monetary policy testimony before the House
Financial Services Committee
 Grains prices at  0206 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat   474.50    1.75   +0.37%       +1.93%   458.94     63
 CBOT corn    368.25   -0.25   -0.07%       +0.55%   361.14     64
 CBOT soy    1044.75   -1.25   -0.12%       -0.26%  1009.99     71
 CBOT rice     12.10   $0.00   +0.00%       -1.06%   $12.42     34
 WTI crude     63.98   $0.07   +0.11%       +0.68%   $63.20     70
 Euro/dlr     $1.234  $0.002   +0.16%       +0.35%                
 USD/AUD      0.7862   0.001   +0.10%       +0.26%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential

 (Reporting by Colin Packham; Editing by Sunil Nair)
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