April 17, 2018 / 1:51 AM / 5 days ago

GRAINS-Wheat gains capped on USDA crop condition report

    SYDNEY, April 17 (Reuters) - U.S. wheat futures edged higher
on Tuesday after hitting a 10-day low in the previous session,
but gains were limited after the U.S. Department of Agriculture
said the condition of crops was better than expected.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 0.2 percent to $4.63-1/2 a bushel by 0127 GMT
after closing down 1.9 percent in the previous session when
prices hit a low of $4.61-1/4 a bushel - the lowest since April
6.
    * The most active soybean futures Sv1 were up 0.2 percent to
$10.44-1/2 a bushel, after closing down 1.2 percent on Monday
when prices hit a low of $10.41-1/2 a bushel - the lowest since
April 9.
    * The most active corn futures were down 0.6 percent
to $3.84 a bushel, having closed down 1 percent in the previous
session.
    * The USDA said 31 percent of the U.S. wheat crop was in
good to excellent condition, surpassing market expectations.

    * Planting of U.S. spring wheat was 3 percent complete, the
USDA said, behind market forecasts. 
    * The USDA said 3 percent of the corn crop was planted as of
Sunday, lagging behind market forecasts.
    * U.S. oilseed processors crushed a record-large volume of
soybeans in March while soyoil stocks rose for a fifth straight
month and hit a 21-month high, the National Oilseed Processors
Association (NOPA) said on Monday.
         
    MARKET NEWS  
    * The dollar steadied on Tuesday as the market's focus
shifted back to U.S. trade policy as investors wagered U.S.-led
attacks on Syria would not escalate into a wider conflict in the
Middle East.  
    * Oil prices rose on Tuesday amid worries there could be a
high risk of disruptions to supply, especially in the Middle
East.  
    * U.S. stocks closed higher on Monday, with the biggest
boosts from technology and healthcare sectors as investors were
optimistic about earnings season and appeared less worried about
U.S.-led missile attacks in Syria.  
    
    DATA AHEAD (GMT)
0200  China          GDP                                  Q1
0200  China          Industrial output                    Mar
0200  China          Retail sales                         Mar
0200  China          Urban investment                     Mar
0900  Germany        ZEW economic sentiment               Apr
1230  U.S.           Housing starts                       Mar
1230  U.S.           Building permits                     Mar
1315  U.S.           Industrial production                Mar
        
 Grains prices at  0127 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   463.00    0.75    +0.16%       -2.01%   470.78   40
 CBOT corn    382.50    0.00    +0.00%       -0.97%   384.30   43
 CBOT soy    1044.50    2.50    +0.24%       -0.92%  1040.06   51
 CBOT rice     13.03  -$0.03    -0.23%       -0.65%   $12.51   74
 WTI crude     66.59   $0.37    +0.56%       -1.19%   $63.73   62
 Currencies                                                      
 Euro/dlr     $1.238  $0.000    +0.04%       +0.44%              
 USD/AUD      0.7783   0.000    +0.06%       +0.22%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Vyas Mohan)
  
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