March 13, 2019 / 2:04 AM / 3 months ago

GRAINS-Wheat slips on ample global stocks, bleak demand

    SYDNEY, March 13 (Reuters) - U.S. wheat futures slipped on Wednesday from a nearly one-week high hit in the previous session, as ample global supplies and tepid international demand weighed on
prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were down 0.6 percent at $4.50-1/2 a bushel, as of 0136 GMT. In the previous session, it closed up 5.7 percent, when prices
hit a high of $4.57 a bushel - the highest since March 6.
    * The most active soybean futures were little changed at $8.96-1/2 a bushel, having firmed 0.8 percent on Tuesday.
    * The most active corn futures were up 0.1 percent at $3.66 a  bushel, having gained 1 percent in the previous session.
    * Traders square bearish positions despite expectations for bumper global supplies.
    * USDA said on Monday that good-to-excellent ratings for winter wheat in Kansas, the largest U.S. production state for the crop, rose 2 percentage points to 51 percent in the latest week.
Ratings also rose in Oklahoma, but fell in Texas.
    * Chinese Vice Premier Liu He held a telephone call on Tuesday with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer on key issues in their trade talks,
state news agency Xinhua said.
         
    MARKET NEWS  
    * The pound stabilised in early Asian trade on Wednesday after turbulence following the defeat of British Prime Minister Theresa May's European Union exit deal, but investors braced for more
volatility ahead of additional Brexit proceedings.  
    * Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for U.S crude output.  
    * The S&P 500 and Nasdaq rose on Tuesday after tame inflation data underscored the Federal Reserve's dovish stance on rate hikes, but the Dow ended down as Boeing's shares sank for a second day
after one of its planes crashed in Ethiopia.  
    
    DATA/EVENTS (GMT)
1000        EU       Industrial Production          Jan
1200        Brazil   Industrial Output             Jan
1230        US       Durable Goods                  Jan
1230        US       PPI Final Demand               Feb
1230        US       PPI exFood/Energy              Feb
1400        US       Construction Spending          Jan
LONDON - British Finance Minister Philip Hammond delivers his spring statement
        
 Grains prices at 0136 GMT
 Contract      Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  450.50    -2.50   -0.55%        +5.13%  489.00    13
 CBOT corn   366.00     0.25   +0.07%        +1.10%  378.76    33
 CBOT soy    896.50    -0.50   -0.06%        +0.73%  917.87    39
 CBOT rice    10.75    $0.02   +0.14%        +0.33%  $10.57    60
 WTI crude    57.04    $0.17   +0.30%        +0.44%  $55.38    61
 Currencies                                                      
 Euro/dlr    $1.129   $0.000   +0.03%        +0.37%              
 USD/AUD     0.7062   -0.002   -0.25%        -0.10%              
 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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