April 9, 2018 / 3:27 AM / 3 months ago

GRAINS-Wheat rallies more than 1 pct as cold weather threatens crops

    * Wheat hits three-week high
    * Soybeans jump 1.7 percent 
    * Corn edges higher 

    By Colin Packham
    SYDNEY, April 9 (Reuters) - U.S. wheat futures jumped more than 1 percent on Monday to hit a three-week high as cold weather threatens to cause further harm to crops, already damaged by dry weather.
    Soybeans rose more than 1 percent, despite the threat of a trade war between the United States and China damaging demand for North American supplies, while corn also edged higher.
    The most active wheat futures on the Chicago Board Of Trade were up 1.4 percent at $4.78-3/4 a bushel by 0257 GMT, near the session high of $4.81-3/4 a bushel - the highest since March 16. Wheat closed up 1.6 percent on Friday.
    "There are concerns about cold temperatures causing some frost damage, coming after last week's U.S. Department of Agriculture crop report that showed the damage of recent dry weather," said Phin Ziebell, agribusiness economist at National Australia Bank.
    As well the cold temperatures threatening U.S. hard red winter wheat crops, analysts said the adverse weather could also delay planting of the country's spring crop.
    The most active soybean futures were up 1.7 percent at $10.51-1/4 a bushel, after closing up 0.2 percent on Friday.
    The most active corn futures were up 0.5 percent to$3.90-1/4 a bushel, having closed down 0.3 percent in the previous session
    Despite the grain and soybean complex all strengthening, analysts noted pressure from fears of a widening trade war between the United States and China.
    Traders fears a trade war between the world's two largest economies will depress demand for U.S. soybeans.
    Escalating tensions between the United States and China have, however, triggered a flurry of U.S. soybean purchases by European buyers, in one of the first signs that trade tariff threats lobbed between the world's top two economies are disrupting global commodity trade flows.
        
 Grains prices at  0257 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   478.75     6.50   +1.38%       +3.01%   474.10   72
 CBOT corn    390.25     1.75   +0.45%       +0.19%   383.57   67
 CBOT soy    1051.25    17.50   +1.69%       +1.94%  1042.48   64
 CBOT rice     12.65    $0.15   +1.20%       +2.06%   $12.39   75
 WTI crude     62.26    $0.20   +0.32%       -2.01%   $62.82   38
 Currencies                                                      
 Euro/dlr     $1.227  -$0.001   -0.07%       +0.28%              
 USD/AUD      0.7687    0.001   +0.16%       +0.04%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
    

 (Reporting by Colin Packham; Editing by Biju Dwarakanath)
  
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