April 23, 2018 / 1:43 AM / a month ago

GRAINS-Wheat prices jump 1 pct as U.S. rains bring only limited relief

    SYDNEY, April 23 (Reuters) - U.S. wheat futures rose 1
percent on Monday, rebounding from a 10-day low touched earlier
in the session, as fears over the condition of the U.S. crop
resurfaced as recent rains delivered only partial relief.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up 1 percent at $4.82 a bushel by 0118 GMT,
after earlier hitting their lowest since April 13 at $4.75.
Wheat closed the previous session down 2.7 percent.
    * The most active soybean futures were up 0.2 percent
at $10.42-1/2 a bushel, after ending down 0.8 percent on
Wednesday.
    * The most active corn futures were up 0.7 percent at
$3.79 a bushel, having ended the previous session down 3.1
percent. Prices in the last session marked their weakest since
April 4 at $3.76-1/4 a bushel.
    * Wheat had come under sustained pressure last week as
forecasts for widespread rains eased fears about potential yield
losses after recent dry weather across key producing regions. 
    * But patchy rain over the weekend failed to deliver
widespread relief to crops. 
    * Concerns about a trade spat with China threatening U.S.
exports also set a bearish tone across the agricultural sector.
    * Several ships carrying cargoes of sorghum from the United
States to China have changed course since Beijing imposed hefty
anti-dumping deposits on U.S. imports of the grain, trade
sources and a Reuters analysis of export and shipping data
showed.
         
    MARKET NEWS  
    * The dollar traded near a two-week high against a basket of
major currencies on Monday, bolstered by rising U.S. bond
yields, while easing concerns over geopolitical risks helped
weigh on the safe-haven yen.  
    * The U.S. dollar rose to a two-week high against a basket
of currencies, while sterling extended a decline in the wake of
dovish comments from the head of the Bank of England.  

    DATA AHEAD (GMT)
0700  France           Markit manufacturing PMI            Apr
0730  Germany          Markit manufacturing PMI            Apr
0900  Euro zone        Markit manufacturing PMI            Apr
1230  U.S.             National activity index             Mar
1345  U.S.             Markit manufacturing PMI            Apr
1400  U.S.             Existing home sales                 Mar
        
 Grains prices at  0118 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   482.00     4.75   +1.00%       -1.78%   481.24   46
 CBOT corn    379.00     2.50   +0.66%       -0.79%   382.93   39
 CBOT soy    1042.25     2.00   +0.19%       -0.62%  1048.12   39
 CBOT rice     12.98   -$0.02   -0.12%       -0.80%   $12.59   60
 WTI crude     68.17   -$0.23   -0.34%       -0.18%   $64.64   70
 Currencies                                                      
 Euro/dlr     $1.227  -$0.002   -0.17%       -0.64%              
 USD/AUD      0.7665   -0.001   -0.09%       -0.82%              
 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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