September 11, 2018 / 1:27 AM / 4 months ago

GRAINS-Wheat hits near 1-week high as global supply tightens

    SYDNEY, Sept 11 (Reuters) - U.S. wheat futures rose more than 0.5 percent to hit a near
one-week top on Tuesday as adverse weather conditions in major exporters dented production and
limited global supplies.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up 0.7 percent at
$5.31-3/4 a bushel, as of 0059 GMT. Earlier in the session, it touched $5.32-3/4 a bushel, the
highest since Sept 5. Wheat closed up 3.3 percent on Monday. 
    * The most active soybean futures rose 0.4 percent to $8.48-1/2 a bushel, having
firmed 0.1 percent in the previous session, when prices hit a high of $8.51-3/4, their highest
since Aug 27.
    * The most active corn futures climbed 0.36 percent to $7.53-3/4, having gained 0.1
percent in the previous session.
    * Australia lowered its wheat forecast by nearly 13 percent on Tuesday as a crippling
drought across the country's east coast has cut output from the world's fourth-largest exporter
to a 10-year low.
    * Russia's deputy prime minister in charge of agriculture said the Russian 2018/19 grain
crop would allow exports of 30 million tonnes, a figure some traders have cited as a potential
ceiling after which export curbs could be imposed.
             
    MARKET NEWS  
    * The euro and sterling held onto overnight gains against the dollar on Tuesday after the
European Union's chief negotiator raised hopes of a deal for Britain to leave the economic bloc
being struck in the coming weeks.  
    * Oil prices were mixed on Monday, pulling back from an early rally after data suggested
U.S. crude inventories might build, weighing on the market.  
    * U.S. stocks mostly edged higher on Monday, with the S&P 500 and Nasdaq rebounding to snap
a four-day losing streak, although a drop in Apple kept gains in check.  
    
    DATA AHEAD (GMT)
0900  Germany            ZEW economic sentiment           Sept
0900  Euro zone          ZEW survey expectations          Sept
1000  U.S.               NFIB business optimism           Aug
1400  U.S.               Wholesale sales                  July
        
 Grains prices at  0059 GMT
 Contract        Last   Change    Pct chg   Two-day chg     MA 30
 CBOT wheat    531.75     3.50     +0.66%        +4.01%    552.63
 CBOT corn     368.50     1.25     +0.34%        +0.41%    372.06
 CBOT soy      848.50     3.25     +0.38%        +0.53%    870.46
 CBOT rice      10.92    $0.00     +0.00%        -0.27%    $10.86
 WTI crude      67.63    $0.09     +0.13%        -0.18%    $67.95
 Currencies                                                      
 Euro/dlr      $1.159   $0.000     -0.02%        +0.34%          
 USD/AUD       0.7107   -0.001     -0.10%        +0.01%          
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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