October 3, 2018 / 1:19 AM / 8 months ago

GRAINS-Wheat rallies as worries mount over Russian export limits

    SYDNEY, Oct 3 (Reuters) - U.S. wheat futures edged higher on
Wednesday, extending three-day gains to about 2.5 percent, as
fears grow that Russia will act to curb exports.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.2 percent at $5.20-1/2 a bushel by 0052
GMT, having closed up 1.9 percent on Tuesday when prices hit a
high of $5.24-1/2 a bushel - the highest since Sept. 26.
    * The most active soybean futures rose 0.3 percent to
$8.68-1/2 a bushel, near the session high of $8.69-1/2 a bushel,
the highest since Aug. 23. Soybeans firmed 1 percent on Tuesday.
    * The most active corn futures added 0.1 percent to
$3.67-3/4 a bushel, having gained 0.5 percent in the previous
session when prices hit a high of $3.69 a bushel - the highest
since Sept. 11.    
    * Russia's agriculture safety watchdog warned that 30 grain
loading points in two export regions could be temporarily
suspended for up to 90 days due to violations of phytosanitary
rules.
     * The U.S. Department of Agriculture said corn and soybean
harvests remained ahead of the normal pace as of Sunday, at 26
and 23 percent complete, but rain in key production areas of the
Midwest is poised to stall the harvest progress.

    * Brazil's 2018-19 soybean crop is seen reaching a record
120.4 million tonnes, a Reuters poll found.
         
    MARKET NEWS  
    * The dollar stood near a one-month high against its peers
on Wednesday as political wrangling over Italy's budget plan
rattled market sentiment and weighed on the euro.  
    * Oil prices dipped on Wednesday, weighed down by a report
of rising U.S. crude inventories and an expected increase in
production. However, prices remain near four-year highs ahead of
U.S. sanctions against Iran's oil exports  
    * The Dow hit a record closing high on Tuesday, but another
drop in Facebook shares weighed on both the S&P 500 and Nasdaq,
driving both to finish in the red.  
    
 DATA/EVENT AHEAD (GMT)
 0750  France              Markit services PMI           Sep
 0755  Germany             Markit services PMI           Sep
 0800  Euro zone           Markit services PMI           Sep
 0900  Euro zone           Retail sales                  Aug
 1215  U.S.                ADP national employment       Sep
 1400  U.S.                ISM non-manufacturing PMI     Sep
 2000  U.S. Federal Reserve Chairman Jerome Powell 
 participates in discussion before The Atlantic 
 Festival in Partnership with The Aspen Institute
 Grains prices at  0052 GMT
 Contract        Last    Change    Pct chg   Two-day chg    MA 30
 CBOT wheat    520.50      1.25     +0.24%        +2.16%   521.78
 CBOT corn     367.75      0.25     +0.07%        +0.55%   359.93
 CBOT soy      868.50      2.50     +0.29%        +1.25%   843.76
 CBOT rice      10.32     $0.05     +0.49%        +1.78%   $10.43
 WTI crude      75.17    -$0.06     -0.08%        -0.17%   $70.29
 Currencies                                                      
 Euro/dlr      $1.155    $0.000     -0.01%        -0.27%         
 USD/AUD       0.7179    -0.001     -0.10%        -0.61%         
 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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