June 3, 2019 / 2:38 AM / 3 months ago

GRAINS-Wheat rises 1% as heavy rains stoke fears of crop damage

    SYDNEY, June 3 (Reuters) - U.S. wheat futures rose 1% on
Monday as heavy rains across a key North American growing region
stoked fears of potential crop losses.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 1% at $5.08-1/4 a bushel by 0207 GMT, having
closed down 2.2 percent on Friday. 
    * The most active soybean futures were up 0.7 percent
to $8.84 a bushel GMT, having closed down 1.3 percent on Friday.
    * The most active corn futures were up 0.2 percent to
$4.27-1/4 a bushel, having closed down 2.1 percent in the
previous session.
    * Wheat has drawn support as heavy rains across the Midwest
stoke fears of damage to U.S. crops, while corn has also risen
on concerns about planting delays.
    * Corn, wheat and soybean futures all fell on Friday,
weighed down by fresh concerns about demand after U.S. President
Donald Trump threatened to place tariffs on imports of goods
from Mexico in response to illegal immigration.
    * Trump said he will impose a tariff on all goods coming
from Mexico starting at 5% and ratcheting higher until the flow
of illegal migrants cease.
    * The Trump administration on Friday lifted restrictions on
the sale of higher ethanol blends of gasoline, keeping a
campaign promise to farmers suffering from the trade war with
China but drawing a legal threat from the oil industry.
             
    MARKET NEWS  
    * The yen brushed a more than four-month high against the
dollar on Monday as U.S. President Donald Trump's hard stance on
trade broadened to countries beyond China, forcing investors to
safe-haven assets, including government bonds.  
    * Oil prices fell more than 1% on Monday, extending losses
of over 3% from Friday, when crude markets racked up their
biggest monthly losses in six months amid stalling demand and as
trade wars fanned fears of a global economic slowdown.  

    DATA/EVENTS (GMT)
0750    France    Markit Mfg PMI         May
0755    Germany   Markit/BME Mfg PMI     May
0800    EU        Markit Mfg Final PMI   May
0830    UK        Markit/CIPS Mfg PMI    May 
1400    US        ISM Manufacturing PMI  May 
        
 Grains prices at  0207 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   508.25    5.25    +1.04%       -1.21%  457.93    68
 CBOT corn    427.75    0.75    +0.18%       -1.95%  379.71    76
 CBOT soy     884.00    6.25    +0.71%       -0.56%  845.97    71
 CBOT rice     11.40  -$0.05    -0.48%       -2.23%  $11.00    57
 WTI crude     52.90  -$0.60    -1.12%       -6.52%  $61.53    13
 Currencies                                                      
 Euro/dlr     $1.118  $0.002    +0.14%       +0.48%              
 USD/AUD      0.6951   0.001    +0.19%       +0.58%              
 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)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below