January 4, 2019 / 2:07 AM / 3 months ago

GRAINS-Wheat up for 3rd session on U.S. export prospects

    KUALA LUMPUR, Jan 4 (Reuters) - U.S. wheat futures edged up
on Friday, trading near last session's one-week top on
expectations of strong demand for U.S. cargoes.     
    Soybeans were little changed after two sessions of gains
driven by concerns over adverse weather in Brazil and Argentina.
            
    FUNDAMENTALS
    * The most-active wheat contract on the Chicago Board Of
Trade was up 0.2 percent at $5.14-3/4 a bushel by 0137
GMT, adding to Thursday's gain of 1.4 percent. Wheat was on
track to rise about 0.5 percent for the week.
    * Soybeans steadied at $9.12-1/2 a bushal after gains
in the previous two sessions, but was on track to rise nearly 2
percent for the week. 
    * Corn rose 0.2 percent to $3.80-1/2 a bushel after
gaining over 1 percent in the last session and was set for a
weekly rise of about 1.3 percent.
    * U.S. farmers, already battered by the U.S.-China trade
war, are facing increasing anxiety as the partial government
shutdown nears the two-week mark, leaving crucial aid and loan
payments in limbo. The shutdown has blocked assistance for many
farmers, who at this time of year begin budgeting for next
season's planting.
    * Rain and hail storms have slowed soybean planting in
Argentina over the last week, washing out some fields and
raising concerns that continued wet weather could put the
2018/19 crop at risk, the Buenos Aires Grains Exchange said in a
report on Thursday.
    * Erratic rains in Brazil, which have already been hurting
the soybean crop, are also beginning to stress sugarcane fields,
which this season are more susceptible due to plant aging,
experts told Reuters.
            
    MARKET NEWS
    * Global markets were on edge on Friday as dire U.S.
economic data slammed Wall Street and pushed investors to bet
the Federal Reserve could reverse its policy tightening before
the end of this year.
    * The yen rose against the dollar and euro on Thursday as
investors sought the perceived safety of the Japanese currency
after a surprise revenue warning from Apple Inc exacerbated
concerns about a Chinese and global economic slowdown.
    * U.S. oil prices fell on Friday after the United States
showed signs of following Asia into an economic slowdown,
although crude supply withdrawals by producer club OPEC
prevented prices from dropping even further.
    * Wall Street plunged on Thursday after slowing U.S. factory
activity on the heels of a dire revenue warning from Apple Inc
fuelled fears of a global economic slowdown.
    
 Grains prices at 0137 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  514.75  1.00     +0.19%   +2.29%       517.55  50
 CBOT corn   380.50  0.75     +0.20%   +1.47%       378.38  64
 CBOT soy    912.50  -0.25    -0.03%   +1.96%       907.57  59
 CBOT rice   10.43   -$0.02   -0.14%   +0.63%       $10.69  35
 WTI crude   46.77   -$0.32   -0.68%   +0.49%       $49.37  
 Currencies                                                 
 Euro/dlr    $1.141  -$0.003  -0.25%   -0.19%               
 USD/AUD     0.7008  -0.003   -0.47%   -0.36%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Emily Chow; editing by Richard Pullin)
  
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