April 30, 2018 / 2:32 AM / a month ago

GRAINS-Wheat jumps 1 pct, hits 7-week high on U.S. dryness woes

    SYDNEY, April 30 (Reuters) - U.S. wheat futures gained 1 percent on Monday as concerns over dry weather in the U.S. southern Plains underpinned the
market, pushing prices to a seven-week high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up 1 percent at $5.03-3/4 a bushel, as of 0200 GMT. Earlier in the session, wheat
futures hit a high of $5.06 a bushel, their highest since March 7. Wheat closed up 1.8 percent on Friday.
    * The most active soybean futures climbed 0.6 percent to $10.63-1/4 a bushel, having firmed 1.6 percent in the previous session.
    * The most active corn futures gained 0.7 percent to $4.01-3/4 a bushel, near the session high of $4.02 a bushel - the highest since July 2017. Corn
gained 0.8 percent in the previous session.
    * Widely watched crop tour through Kansas to begin this week that will allow crop scouts to get a first-hand look at damage caused by a drought.
    * Soybeans are supported by expectations that the United States will boost its share of the soymeal export market due to shortfalls in Argentina.
         
    MARKET NEWS  
    * The dollar held steady against a basket of currencies on Monday, having pulled back from a 3-1/2-month high set late last week, pressured by a decline
in the benchmark U.S. 10-year Treasury yield.  
    * Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year
highs and were on track to rise for a second consecutive month.  

    DATA AHEAD (GMT)
0100  China          Official manufacturing PMI       April
0100  China          Official services PMI            April
0600  Germany        Retail sales                     March
0800  Euro zone      Lending and money supply         March
1200  Germany        Consumer prices                  April
1230  U.S.           Personal income                  March
1345  U.S.           Chicago PMI                      April
1400  U.S.           Pending home sales               March
        
 Grains prices at  0151 GMT
 Contract        Last  Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat    503.75    5.25   +1.05%       +2.91%   480.74   72
 CBOT corn     401.25    2.75   +0.69%       +1.52%   391.97   71
 CBOT soy     1063.75    7.50   +0.71%       +2.33%  1046.55   66
 CBOT rice      13.00  -$0.01   -0.04%       +0.39%   $12.93   43
 WTI crude      67.91  -$0.19   -0.28%       -0.41%   $65.77   57
 Currencies                                                      
 Euro/dlr      $1.213  $0.000   +0.02%       +0.24%              
 USD/AUD       0.7573  -0.001   -0.11%       +0.24%              
 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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