April 9, 2018 / 1:02 AM / 3 months ago

GRAINS-Wheat rallies sharply as frost threatens U.S. crops

    SYDNEY, April 9 (Reuters) - U.S. wheat futures rose more
than 1.5 percent on Monday to hit a three-week high as cold
weather across a key producing region stoked fears about the
condition of crops, already damaged from recent dry weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 1.6 percent at $4.79-3/4 a bushel by 0032
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.
    * The most active soybean futures were up 1 percent at
$10.44 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
    * U.S. wheat crops are under pressure as frost this week
posed another threat to winter wheat in the drought-affected
U.S. Plains.
    * Grain and soybean complex had come under pressure amid
signs of a widening trade war between the United States and
China.
    * Escalating tensions between the United States and China
have 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.
             
    MARKET NEWS  
    * The dollar nursed its losses on Monday, having retreated
late last week due to concerns over U.S.-China trade tensions
and as a report showed the U.S. economy in March created the
fewest jobs in six months.  
    * Oil markets stabilised on Monday after slumping around 2
percent last Friday on the back of concerns of an intensifying
trade dispute between the United States and China, as well as
increased U.S. drilling activity.  
    
    DATA AHEAD (GMT)
0600  Germany               Trade data                   Feb
0830  Euro zone             Sentix index                 Apr
1400  U.S.                  Employment trends            Mar
        
 Grains prices at  0032 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   479.75     7.50   +1.59%       +3.23%   474.13   72
 CBOT corn    390.25     1.75   +0.45%       +0.19%   383.57   67
 CBOT soy    1044.00    10.25   +0.99%       +1.24%  1042.23   60
 CBOT rice     12.64    $0.15   +1.16%       +2.02%   $12.39   76
 WTI crude     62.20    $0.14   +0.23%       -2.11%   $62.82   37
 Currencies                                                      
 Euro/dlr     $1.227  -$0.001   -0.09%       +0.26%              
 USD/AUD      0.7684    0.001   +0.12%       +0.00%              
 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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