January 30, 2018 / 2:15 AM / 3 months ago

GRAINS-Wheat prices hit 4-mth high on worries over U.S. crop condition

    SYDNEY, Jan 30 (Reuters) - U.S. wheat futures rose nearly 1
percent on Tuesday to mark a four-month high, after the U.S.
Department of Agriculture said dry weather had hit the condition
of the country's wheat crop.
           
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up 0.8 percent at $4.52-3/4 a bushel at 0148
GMT, after earlier touching their strongest since Sept. 29 at
$4.55-1/4 a bushel. Wheat closed up 1.9 percent on Monday. 
    * The most active soybean futures were up 0.1 percent
at $9.92-1/4 a bushel, having firmed 0.6 percent on Monday.
    * The most active corn futures climbed 0.1 percent to
$3.59-1/4 a bushel, having gained 0.6 percent in the previous
session.
    * Condition ratings for winter wheat declined in January in
several southern U.S. Plains states that have been hit by
drought, including top producer Kansas, the USDA said on Monday.
[nL2N1PP004
    * The government rated 14 percent of the Kansas winter wheat
crop is in good-to-excellent condition, down from 37 percent at
the end of December and down from 51 percent in the week to Nov.
26.
    
    MARKET NEWS  
    * The dollar traded above a recent three-year low against a
basket of major currencies on Tuesday, having drawn some support
from a rise in U.S. bond yields as traders awaited a U.S.
Federal Reserve policy meeting for fresh catalysts.  
    * U.S. oil slipped on Tuesday, extending losses into a
second session, as a strengthening dollar sapped demand for
crude, while rising U.S. output helped dampen prices.  
    * Wall Street pulled back from record highs on Monday, with
the Dow and the S&P 500 indexes marking their biggest one-day
percentage declines in about five months, weighed down by a
slide in Apple shares.  
    
    DATA/EVENT AHEAD (GMT)
0630   France           Preliminary GDP                  Q4
0745   France           Consumer spending                Dec
1000   Euro zone        GDP flash                        Q4
1000   Euro zone        Business climate                 Jan
1000   Euro zone        Consumer confidence final        Jan
1300   Germany          Consumer prices                  Jan
1400   U.S.             Case-Shiller housing index       Nov
1500   U.S.             Consumer confidence              Jan
    U.S. Federal Reserve starts two-day policy meeting
       
 Grains prices at  0148 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  452.75    3.50    +0.78%       +2.66%  428.82     78
 CBOT corn   359.25    0.50    +0.14%       +0.77%  351.58     75
 CBOT soy    992.25    0.75    +0.08%       +0.68%  971.52     71
 CBOT rice    12.41  -$0.03    -0.24%       +0.57%  $12.03     75
 WTI crude    65.39  -$0.17    -0.26%       -1.13%  $61.99     68
 Currencies                                                      
 Euro/dlr    $1.238  $0.000    +0.02%       -0.29%               
 USD/AUD     0.8094   0.000    +0.02%       -0.18%               
 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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