August 18, 2017 / 1:55 AM / a year ago

GRAINS-Wheat moves off contract lows, but ample supply weighs

MANILA, Aug 18 (Reuters) - U.S. wheat futures climbed off contract lows on Friday, but gains were modest as investors remained largely bearish towards the grain amid ample global supply.


* The most-traded wheat, for September delivery, on the Chicago Board of Trade was up 0.6 percent at $4.43-/14 a bushel by 0128 GMT, having touched a contract low of $4.12-1/4 on Thursday.

* A tender by Egypt on Wednesday drew offers totalling around 1 million tonnes of Russian wheat, underlining big supplies from Russia. Egypt, the world’s largest wheat importer, booked 295,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat.

* “Grain prices will trade largely sideways in the coming weeks as wheat harvests are nearly finished and weather conditions remain favourable for upcoming northern hemisphere corn and soybean harvests,” BMI Research said in a note.

* The most-traded CBOT corn contract was up 0.2 percent at $3.65 a bushel. On Wednesday, it hit its weakest since September 2016 at $3.63-1/4.

* Chicago soybeans gained 0.3 percent to $9.35-3/4 per bushel.

* U.S. soybean export sales have been languishing for much of the summer following a record-shattering Brazilian crop, but demand for U.S. shipments is gathering pace, led by renewed appetite from top importer China, traders and analysts said.


* Asian stock investors joined a global retreat from riskier assets and the dollar wavered on growing doubts about U.S. President Donald Trump’s ability to fulfil his economic agenda. The dollar edged lower versus the yen.

* Oil prices fell as part of a broad-based selloff across markets and despite signs that crude markets are gradually tightening.


0130 China House prices Jul

0600 Germany Producer prices Jul

0800 Euro zone Current account Jun

1400 U.S. Univ of Michigan sentiment index Aug

Reporting by Manolo Serapio Jr.; Editing by Joseph Radford

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