April 18, 2018 / 4:03 AM / a month ago

GRAINS-Wheat rises for 2nd day on bargain-buying, soybeans ease

    * Wheat firms for 2nd day as market recovers from 10-day low
    * Soybeans tick lower, give up last session's gains

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, April 18 (Reuters) - Chicago wheat futures rose
for a second session on Wednesday, as investors bought the
commodity after prices dropped to a 10-day low earlier this
week. 
    Soybeans ticked lower, giving up some of Tuesday's gains
with focus on U.S. planting, while corn edged higher following a
drop to a near two-week low in the last session.
    The most-active wheat contract on the Chicago Board Of Trade
 rose 0.3 percent to $4.67-1/2 a bushel by 0351 GMT, after
closing up 0.9 percent in the previous session.
    Soybeans gave up 0.1 percent to $10.44-1/2 a bushel
after closing up 0.4 percent on Tuesday, and corn added
0.1 percent to $3.80-3/4 a bushel, having closed down 0.6
percent in the previous session.
    "U.S. weather has been improving and it remains to be seen
how much the winter crop can recover," said one Australia-based
commodities analyst.
    "If the yields are good we will see lower wheat prices in
the second half of the year."
    The USDA said late on Monday that 31 percent of the U.S.
wheat crop is in good to excellent condition, up from 30 percent
last week. A year ago, the crop was rated 54 percent good to
excellent.
    The USDA said 3 percent of the corn crop was planted as of
Sunday, lagging market forecasts.
    The spotlight in agricultural markets is on the U.S.-China
trade war.
    China said on Tuesday it will slap a hefty anti-dumping
deposit on imports of U.S. sorghum, stirring trade tensions
between the world's top two economies. China is the biggest
buyer of U.S. soybeans and any moves it makes on its commodity
purchases ripple across the agriculture sector.
    Commodity funds were net buyers of CBOT soybeans, wheat and
soymeal futures contracts on Tuesday, but net sellers of corn
and soyoil, traders said.
    
 Grains prices at  0351 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  467.50   1.25    +0.27%   -1.06%       470.93   45
 CBOT corn   380.75   0.50    +0.13%   -1.42%       384.24   38
 CBOT soy    1044.50  -1.50   -0.14%   -0.92%       1040.06  51
 CBOT rice   13.11    -$0.05  -0.34%   +0.00%       $12.51   76
 WTI crude   66.85    $0.33   +0.50%   +0.95%       $63.87   65
 Currencies                                                  
 Euro/dlr    $1.237   $0.004  +0.36%   +0.39%                
 USD/AUD     0.7766   0.000   +0.00%   +0.15%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Biju Dwarakanath)
  
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