March 14, 2019 / 2:15 AM / 3 months ago

GRAINS-Wheat rises despite ample global supplies

    SYDNEY, March 14 (Reuters) - U.S. wheat futures rose more
than 0.5 percent on Thursday, recouping half of their losses
from the previous session, as traders squared short positions.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up 0.7 percent at $4.50-1/4 a bushel by 0145
GMT. Wheat touched a 13-month low on Monday, but rebounded
nearly 6 percent the following day.
    * The most active soybean futures were up 0.4 percent
to $9.04-1/2 a bushel, having firmed 0.4 percent on Wednesday.
    * The most active corn futures were up 0.3 percent to
$3.67-3/4 a bushel, having gained 0.2 percent in the previous
session.
    * Traders have built huge short positions in wheat in recent
months amid expectations of bumper global supplies.
    * Hopes of an upturn in U.S. wheat exports have been
tempered by competition from other export zones such as western
Europe and the Black Sea region. 
    * Black Sea wheat exporters are boosting sales to Asia with
last year's crop, a surprise move that is curbing demand for
U.S. grain, traders said.
    * U.S. farmers are expected to plant 91.475 million acres of
corn in 2019 and 84.263 million acres of soybeans, according to
an annual survey conducted by commodity brokerage and analytical
firm Allendale Inc.
         
    MARKET NEWS  
    * The dollar edged back from a nine-day low early on
Thursday, as a big rally by the pound made on Brexit relief
tapered off and gave the greenback some reprieve.  
    * Oil prices nudged higher on Thursday to sit just off a
four-month high reached in the previous session as investors
focused on global production cuts and supply disruptions in
Venezuela.  
    * U.S. stocks rose on Wednesday, led by gains in healthcare
shares, and Boeing edged upward even as the United States joined
other nations in grounding the company's 737 MAX jets.  
        
 Grains prices at  0145 GMT
 Contract       Last   Change  Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat   450.25     3.00   +0.67%        -0.61%  486.51   13
 CBOT corn    367.75     1.25   +0.34%        +0.55%  378.03   33
 CBOT soy     904.50     3.50   +0.39%        +0.84%  917.03   39
 CBOT rice     10.81   -$0.02   -0.18%        +0.70%  $10.57   60
 WTI crude     58.33    $0.07   +0.12%        +2.57%  $55.55   61
 Currencies                                                      
 Euro/dlr     $1.132   $0.000   -0.03%        +0.32%             
 USD/AUD      0.7074   -0.002   -0.27%        -0.08%             
 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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