January 29, 2018 / 2:44 AM / 3 months ago

GRAINS-Wheat jumps more than 1 pct, hits near four-month high

    SYDNEY, Jan 29 (Reuters) - U.S. wheat futures rose more than
1 percent to hit a near four-month high amid concerns that dry
weather across a key North American production region will crimp
output from the world's largest exporter.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade rose 1.3 percent to $4.46-1/2 a bushel by 0212 GMT,
near the session high of $4.47 a bushel - the highest since Oct.
4. Wheat closed up 1.5 percent on Friday. 
    * The most active soybean futures were up 1.1 percent
to $9.96 a bushel, having closed down 0.7 percent on Friday.
    * The most active corn futures were up 0.6 percent to
$3.58-1/2 a bushel, having gained 0.4 percent in the previous
session.
    * Wheat has drawn support from dry weather plaguing Southern
U.S. Plains.
    * Soybeans firm as dry weather threatens production in
Argentina.
    * Private exporters struck deals to sell 125,000 tonnes of
U.S. corn to unknown destinations, the USDA said on Friday.

    
    MARKET NEWS  
    * The dollar wobbled near three-year lows against a basket
of major currencies on Monday, struggling to pull ahead from six
straight weeks of losses amid its evaporating yield advantage
and doubts about Washington's commitment to a strong currency.
  
    * Oil prices held firm on Monday, supported by strong
demand, a weak dollar and ongoing supply cuts lead by OPEC and
Russia, although soaring U.S. output means many analysts expect
crude prices to fall later in the year.  

    DATA AHEAD (GMT)
1330  U.S.              Personal consumption               Dec
1530  U.S.              Dallas Fed manufacturing index     Jan
       
 Grains prices at  0212 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   446.50     5.50   +1.25%       +2.76%  427.58     75
 CBOT corn    358.50     2.00   +0.56%       +0.91%  351.21     73
 CBOT soy     996.00    10.50   +1.07%       +0.38%  971.25     73
 CBOT rice     12.33   -$0.01   -0.04%       +1.57%  $12.01     75
 WTI crude     66.38    $0.24   +0.36%       +1.33%  $61.74     85
 Currencies                                                       
 Euro/dlr     $1.239  -$0.003   -0.24%       -0.05%               
 USD/AUD      0.8081   -0.003   -0.35%       +0.66%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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