April 10, 2018 / 3:45 AM / 3 months ago

GRAINS-Wheat retreats from near one-month high despite further crop damage

    * Wheat falls for first time in four sessions
    * Soybeans rally more than 0.5 pct 
    * Corn edges higher 

    By Colin Packham
    SYDNEY, April 10 (Reuters) - U.S. wheat futures fell for the
first time in four sessions on Tuesday to retreat from a near
one-month high, though losses were checked as the U.S.
Department of Agriculture pegged the condition of the crop below
market forecasts.
    Soybeans rose more than 0.5 percent as traders shrugged off
the threat of a trade war between the United States and China,
while corn also edged higher.
    The most active wheat futures on the Chicago Board Of Trade
 eased 0.5 percent to $4.88-1/2 a bushel by 0328 GMT after
closing up 3.9 percent in the previous session when prices hit
4.93-3/4 a bushel - the highest since March 13.
    Analysts said confirmation by the USDA that crops have
suffered further damage last week heightens concerns about yield
prospects as cold weather grips several key producing regions.
    "Temperatures were low enough in some of the Hard Red Wheat
region to damage crops. Crops in part of the cold region were
already likely to be low yielding, if at all, so extra crop loss
is modest. The cold region though was not restricted to just the
drought-blighted ones," said Tobin Gorey, director of
agricultural strategy, Commonwealth Bank of Australia.
    U.S. Department of Agriculture (USDA) rated 30 percent of
the U.S. winter wheat crop in good to excellent condition, down
from 32 percent a week earlier and 53 percent a year ago. The
figure fell below an average of analyst expectations for 31
percent.
    The most active soybean futures were up 0.7 percent to
$10.54-1/4 a bushel, after closing up 1.3 percent on Monday.
    The most active corn futures were up 0.1 percent at
$3.90-1/4 a bushel, having closed up 0.6 percent in the previous
session
    Soybeans got a boost from fresh export business, including
confirmation from the USDA on Monday that private exporters sold
another 232,500 tonnes of U.S. soybeans to unknown destinations.

    The USDA said the U.S. corn crop was 2 percent planted by
Sunday, in line with trade expectations, but down from 3 percent
a year ago.
         
 Grains prices at  0328 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   488.50    -2.25   -0.46%       +3.44%   475.03   72
 CBOT corn    391.00     0.25   +0.06%       +0.64%   384.08   67
 CBOT soy    1054.25     7.25   +0.69%       +1.98%  1042.61   65
 CBOT rice     12.82    $0.00   +0.00%       +2.60%   $12.42   80
 WTI crude     63.79    $0.37   +0.58%       +2.79%   $62.85   52
 Currencies                                                      
 Euro/dlr     $1.231  -$0.001   -0.06%       +0.25%              
 USD/AUD      0.7730    0.003   +0.43%       +0.72%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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