September 17, 2018 / 1:04 AM / 2 months ago

GRAINS-Wheat jumps 1 pct, hits five-day high

    SYDNEY, Sept 17 (Reuters) - U.S. wheat futures rose nearly 1
percent on Monday as fears Russia will limit exports stoked
concerns over global supplies, pushing prices to a five-day
high.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.9 percent at $5.16-1/4 a bushel by 0042
GMT, near the session high of $5.19-1/2 a bushel - the highest
since Sept. 12. Wheat rose 2.9 percent on Friday. 
    * The most active soybean futures were down 0.3
percent to $8.27-3/4 a bushel, having closed down 0.3 percent on
Friday.
    * The most active corn futures were down 0.4 percent
to $3.50-1/2 a bushel, having gained 0.4 percent in the previous
session.
    * Wheat had been under pressure amid expectations of a
bumper U.S. production, though fears Russia could limit exports
provided some support.
    * U.S. President Donald Trump is likely to announce new
tariffs on about $200 billion of Chinese imports as early as
Monday, a senior administration official told Reuters on
Saturday, weighing on market sentiment towards soybeans.

         
    MARKET NEWS  
    * The dollar held above a recent 1-1/2 month trough against
a basket of major currencies on Monday, with investors
cautiously awaiting news on the implementation of U.S. tariffs
on an additional $200 billion of Chinese imports.  
    * Oil prices pulled back on Friday on concerns additional
U.S. tariffs would be placed on Chinese imports, after an
earlier rally triggered by worries that more sanctions on Iran
might constrict supply.  
    * U.S. stocks ended little changed on Friday as financials
rose with bond yields, while news that President Donald Trump
instructed aides to proceed with tariffs on about $200 billion
of Chinese products limited gains.  
    
    DATA AHEAD (GMT)
1230  U.S.          New York Fed manufacturing            Sep
        
 Grains prices at  0042 GMT
 Contract        Last    Change    Pct chg    Two-day chg   MA 30
 CBOT wheat    516.25      4.75     +0.93%         +3.87%  542.99
 CBOT corn     350.50     -1.25     -0.36%         +0.00%  367.79
 CBOT soy      827.75     -2.75     -0.33%         -0.66%  860.27
 CBOT rice      10.49     $0.00     +0.00%         -2.42%  $10.74
 WTI crude      68.80    -$0.19     -0.28%         +0.31%  $68.10
 Currencies                                                      
 Euro/dlr      $1.163    $0.000     +0.01%         -0.50%        
 USD/AUD       0.7152     0.000     +0.03%         -0.56%        
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  
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