March 21, 2019 / 1:32 AM / a month ago

GRAINS-Wheat prices fall from 3-wk high, fears over planting delays cap losses

    SYDNEY, March 21 (Reuters) - U.S. wheat futures edged down
on Thursday to retreat from a three-week high touched in the
previous session, but losses were checked by concerns over
planting delays in North America amid recent adverse weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were down 0.2 percent at $4.63-1/4 a bushel by 0056
GMT, having closed up 1.7 percent on Wednesday when prices
marked their highest since Feb. 28 at $4.65 a bushel.
    * The most active soybean futures were little changed
at $9.06-1/4 a bushel, having firmed 0.1 percent on Wednesday.
    * The most active corn futures were down 0.1 percent
at $3.71-1/4 a bushel, having closed the last session up 0.1
percent.
    * Heavy snows and the anticipation of floods in the U.S.
northern Plains spring wheat belt, particularly in top producer
North Dakota, have raised the risk of delays in planting the
2019 crop. Seeding normally begins in April.
    * Soybean prices firmed on technical buying and hopes for
progress in U.S. trade talks with China, the world's top
importer of the oilseed.
         
    MARKET NEWS  
    * The dollar nursed heavy losses in Asia on Thursday after
the Federal Reserve stunned markets by abandoning all plans to
raise rates this year, a signal its three-year campaign to
normalise policy might be at an end.  
    * U.S. crude prices rose on Wednesday to a 4-month high
above $60 a barrel after U.S. government data showed tightening
domestic oil supplies, but gains were capped by concerns over
global economic growth due to the ongoing U.S.-China trade war.
  
    * The S&P 500 and the Dow ended lower on Wednesday as
interest rate-sensitive financial stocks dragged down the
indexes after the Fed affirmed a dovish monetary policy stance.
  
    
    DATA/EVENTS (GMT)
0830   Indonesia    7-Day Reverse Repo                 March
0830   Indonesia    Deposit Facility Rate              March
0830   Indonesia    Lending Facility Rate              March
0930   UK           Retail Sames MM                    Feb
0930   UK           Retail Sales Ex-Fuel MM            Feb
0930   UK           Retail Sales YY                    Feb
1200   UK           BOE Bank Rate                      March
1200   UK           GB BOE QE Corp                     March
1230   US           Initial Jobless Claims             weekly
1500   EU           Consumer Confidence Flash          March
       Germany      General Council meeting of the ECB
 
 Grains prices at  0056 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   463.75    -1.00    -0.22%       +1.59%  475.23   57
 CBOT corn    371.25    -0.25    -0.07%       +0.00%  375.46   64
 CBOT soy     906.25     0.25    +0.03%       +0.25%  912.54   60
 CBOT rice     10.95    $0.01    +0.09%       +1.58%  $10.58   78
 WTI crude     60.17   -$0.06    -0.10%       +1.93%  $56.41   84
 Currencies                                                      
 Euro/dlr     $1.143   $0.002    +0.17%       +0.71%             
 USD/AUD      0.7162    0.005    +0.66%       +1.06%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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