April 17, 2019 / 12:48 AM / 3 months ago

GRAINS-Wheat ticks up after losses, global production outlook cap gains

    SINGAPORE, April 17 (Reuters) - Chicago wheat futures edged
up on Wednesday, supported as investors looked for bargains
after the market dropped to a one-month low in the last session
on pressure from expectations of bumper production across the
northern hemisphere.
    Corn prices lost ground, while soybeans were unchanged in
early Asian trade.
    * The most-active wheat contract on the Chicago Board
of Trade had climbed 0.1 percent to $4.45-1/2 a bushel by 0015
GMT, after dropping to its lowest since March 13 at $4.42 a
bushel on Tuesday.
    * Corn lost 0.1 percent to $3.58-3/4 a bushel, while
soybeans were unchanged at $8.88 a bushel.
    * The wheat market is coming under pressure as crop-friendly
weather boosts crops across the northern hemisphere.
    * The U.S. Department of Agriculture in a weekly report
issued on Monday rated 60 percent of the U.S. winter wheat crop
in good-to-excellent condition. That was unchanged from the
previous week and in line with trade expectations, but up from
31 percent a year ago. 
    * Agriculture consultancy SovEcon has raised its forecast
for Russia's 2019 wheat crop to 83.4 million tonnes from 80
million tonnes, signalling bigger supplies in the world's top
    * Germany's 2019 wheat harvest will jump 20.6 percent on the
year to 24.44 million tonnes with rising expectations of a
recovery after the drought-reduced harvest last year, the
country's association of farm cooperatives (DRV) said on
    * Hopes for a positive outcome from U.S. trade talks are
likely to aid soybean prices.
    * China would likely lift a ban on U.S. poultry as part of a
trade deal and may buy more pork to meet a growing supply
deficit, but it is not willing to allow a prohibited growth drug
used in roughly half the U.S. hog herd, two sources with
knowledge of the negotiations said.
    * The United States and China are trying to hammer out a
deal to end a months-long trade war that has cost the world's
two largest economies billions and roiled global financial
markets and supply chains. 
    * Stocks around the globe rose on Tuesday to six-month highs
as positive economic data in China and Germany boosted investor
sentiment, though concerns about the impact of U.S. policy on
the healthcare sector paused Wall Street's rally.
0200    China    Urban Investment (ytd) YY     March
0200    China    Industrial Output YY          March
0200    China    Retail Sales YY               March
0200    China    GDP YY                        Q1
0830    UK       CPI YY                        March
0900    EU       HICP Final MM YY              March
1230    US       International Trade           Feb
1300    Russia   Unemployment Rate             March       
1800    Federal Reserve issues the Beige Book of economic
 Grains prices at 0015 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  445.50  0.50    +0.11%   -3.05%       458.55  31
 CBOT corn   358.75  -0.25   -0.07%   -1.10%       366.48  39
 CBOT soy    888.00  0.00    +0.00%   -1.20%       898.57  39
 CBOT rice   10.53   $0.01   +0.14%   -0.24%       $10.74  50
 WTI crude   64.36   $0.31   +0.48%   +1.51%       $60.68  
 Euro/dlr    $1.128  $0.000  +0.03%   -0.21%               
 USD/AUD     0.7166  -0.001  -0.13%   -0.10%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
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