November 22, 2017 / 2:11 AM / 2 months ago

GRAINS-Wheat ticks up on short-covering, U.S. crop rating

    SINGAPORE, Nov 22 (Reuters) - Chicago wheat prices climbed
for a second session on Wednesday, with short-covering by
investors and a decline in the U.S. winter crop condition
underpinning the market.
    
    FUNDAMENTALS
    * Wheat drew support from a weekly crop condition report by
the U.S. Department of Agriculture (USDA). It rated 52 percent
of the winter wheat crop in good-to-excellent condition, down
from 54 percent the previous week, despite analyst expectations
for no change. 
    * Commodity funds were net buyers of Chicago Board of Trade
wheat and soyoil futures contracts on Tuesday and net sellers of
corn, soymeal and soybean futures, traders said.
    * Radioactive pollution in the Ural mountains caused some
concerns, although scientists said there were no human or
environmental risks. 
    * The meteorological service in Russia, the world's biggest
wheat exporter, said it had measured pollution of a radioactive
isotope at nearly 1,000 times normal levels in the Ural
mountains. 
    * That marked the first official Russian data supporting
reports that a nuclear incident had taken place in Russia or
Kazakhstan in the last week of September.
    * Wet corn is piling up in the U.S. Midwest, boosting
premiums for dry grain and raising costs for exporters who
already have been undercut in global markets by cheaper
Argentine supplies, traders said on Tuesday.
    * The slowest U.S. corn harvest in three years was beset by
rains and cool weather during the past two months that prevented
later-planted crops from drying naturally in the fields. Corn
supplies going into the harvest were the largest since 1988 and
space in on-farm storage and dryers is at a premium.
    
    MARKET NEWS
    * Asian shares scaled a fresh decade peak on Wednesday
thanks to surging markets in Europe and America, as strong
global growth and rising corporate profits lured hordes of
investors into equities.
   
    DATA AHEAD (GMT)
1330  U.S.                        Durable goods             Oct
1330  U.S.                        Weekly jobless claims
1500  Euro zone              Consumer confidence flash      Nov
1900  U.S. Federal Reserve releases minutes from Oct.31-Nov.1
policy meeting.
    
 Grains prices at  0139 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  425.00  0.25    +0.06%   -0.53%       428.63  48
 CBOT corn   344.25  -0.75   -0.22%   +0.36%       346.73  50
 CBOT soy    988.25  -0.75   -0.08%   -0.23%       988.60  56
 CBOT rice   12.31   -$0.03  -0.24%   +0.20%       $11.93  77
 WTI crude   57.51   $0.68   +1.20%   +2.53%       $54.40  69
 Currencies                                                
 Euro/dlr    $1.174  $0.000  +0.04%   -0.47%               
 USD/AUD     0.7576  0.003   +0.36%   +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 Joseph Radford)
  
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