January 4, 2019 / 4:03 AM / 5 months ago

GRAINS-Wheat gains for 3rd session on U.S. export prospects

 (Updates with latest prices)
    KUALA LUMPUR, Jan 4 (Reuters) - U.S. wheat futures edged up
on Friday, rising for a third consecutive session and trading
near last session's one-week top, on expectations of strong
demand for U.S. supplies.     
    The most-active wheat contract on the Chicago Board Of Trade
 was up 0.1 percent at $5.14-1/4 a bushel by 0338 GMT,
adding to Thursday's gain of 1.4 percent. Wheat has gained about
0.6 percent so far this week after three straight weekly falls.
    Soybeans were up 0.1 percent at $9.13-1/2 a bushel,
rising for a third session in a row on concerns over adverse
weather in Brazil and Argentina. 
    Soy has added nearly 2 percent so far this week, in what
could be its strongest weekly gain in a month. 
    Rain and hail storms have slowed soybean planting in
Argentina over the last week, washing out some fields and
raising concerns that continued wet weather could put the
2018/19 crop at risk, the Buenos Aires Grains Exchange said in a
report on Thursday.
    Erratic rains in Brazil, which have already been hurting the
soybean crop, are also beginning to stress sugarcane fields,
which this season are more susceptible due to plant aging,
experts told Reuters.
    Meanwhile, corn was also up for a third consecutive
session, trading 0.1 percent higher at $3.80-1/4 a bushel after
gaining over 1 percent in the previous session. It was set for a
weekly rise of about 1.3 percent.
    U.S. farmers, already battered by the trade war with China,
are facing increasing anxiety as the partial government shutdown
nears the two-week mark, leaving crucial aid and loan payments
in limbo. The shutdown has blocked assistance for many farmers,
who at this time of year begin budgeting for next season's

 Grains prices at 0338 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  514.25  0.50     +0.10%   +2.19%       517.53  50
 CBOT corn   380.25  0.50     +0.13%   +1.40%       378.37  64
 CBOT soy    913.50  0.75     +0.08%   +2.07%       907.60  61
 CBOT rice   10.43   -$0.02   -0.14%   +0.63%       $10.69  35
 WTI crude   47.19   $0.10    +0.21%   +1.40%       $49.38  
 Euro/dlr    $1.140  -$0.004  -0.36%   -0.30%               
 USD/AUD     0.7025  -0.002   -0.23%   -0.11%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Emily Chow; editing by Richard Pullin and
Subhranshu Sahu)
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