November 12, 2018 / 2:27 AM / 4 months ago

GRAINS-Wheat rebounds from 1-week low; lean demand caps gains

    SYDNEY, Nov 12 (Reuters) - U.S. wheat futures climbed for the first time in four sessions
on Monday, rebounding from a one-week low, though gains were curbed amid weak demand for North
American supplies.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up 0.4 percent at
$5.04 a bushel, as of 0144 GMT, having closed down 1.1 percent on Friday when prices hit a low
of $5.01 a bushel - the lowest since Nov. 1.
    * The most active soybean futures were little changed at $8.86-1/4 a bushel, having
firmed 0.9 percent on Friday.
    * The most active corn futures slipped 0.2 percent to $3.69 a bushel, having closed
down 1 percent in the previous session.
    * Wheat came under pressure on concerns that U.S. exports are falling short of the U.S.
Department of Agriculture's (USDA) forecast.
    * Russia, the world's top wheat supplier, continues to sell grain at competitive prices.
    * Traders await signs of thawing in the U.S.-China trade war.
         
    MARKET NEWS  
    * The dollar built on last week's gains and rose towards as 16-month high on Monday as
traders expect the U.S. Federal Reserve to keep tightening monetary policy.  
    * Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced
a cut in supply for December, seen as a measure to halt a market slump that had seen crude
decline by 20 percent since early October.  

    DATA AHEAD (GMT)
0900   Italy               Industrial output            Sept
        
 Grains prices at  0144 GMT
 Contract        Last    Change    Pct chg    Two-day chg   MA 30
 CBOT wheat    504.00      2.00     +0.40%         -0.74%  510.28
 CBOT corn     369.00     -0.75     -0.20%         -1.20%  369.05
 CBOT soy      886.25     -0.50     -0.06%         +0.82%  875.68
 CBOT rice      10.62     $0.00     +0.00%         -1.07%  $10.86
 WTI crude      60.69     $0.50     +0.83%         +0.03%  $68.25
 Currencies                                                      
 Euro/dlr      $1.133   -$0.001     -0.07%         -0.32%        
 USD/AUD       0.7233     0.001     +0.12%         -0.32%        
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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