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GRAINS-Wheat extends losses as market awaits damage reports
June 22, 2017 / 1:27 AM / 6 months ago

GRAINS-Wheat extends losses as market awaits damage reports

U.S. wheat fell 0.5 percent on Thursday to extend two-day losses
to nearly 2.5 percent, as traders paused a run of recent gains
to assess damage from recent unfavorable weather across the
United States and Europe.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade fell 0.5 percent to $4.62-1/4 a bushel, having
closed down 1.7 percent on Wednesday. 
    * The most active soybean futures were unchanged at
$9.18-1/2 a bushel, having closed down 1 percent on Wednesday.
    * The most active corn futures fell 0.1 percent to
$3.68-1/2 a bushel, having closed down 0.3 percent in the
previous session.
    * The rally in wheat this month has been fueled by
deteriorating conditions for U.S. spring wheat in the northern
Plains and concerns over the impact of a heat wave in France,
the European Union's top producer.
    * Traders begin to adjust positions ahead of the U.S.
Department of Agriculture's closely watched June 30 acreage and
quarterly stocks reports.
         
    MARKET NEWS  
    * The dollar slipped from a one-month peak against a basket
of currencies on Wednesday, as losses on Wall Street stocks
spurred some traders to book profits on gains tied to
expectations of possibly another U.S. interest rate increase
later this year.  
    * Oil prices rose on Thursday for the first time in three
days after U.S. crude and gasoline stockpiles fell, but
investors are looking for more signs that output cuts by OPEC
and some other producers are ending a three-year glut.  
    * The S&P 500 and Dow stock indexes were weighed down by
falling energy shares as oil prices fell on Wednesday and added
to investor concerns about low inflation, while healthcare and
technology stocks helped lift the Nasdaq Composite index.  
    
    DATA AHEAD (GMT) 
0600  France           Business climate                Jun 
1230  U.S.             Weekly jobless claims   
1300  U.S.             Monthly home price index        Apr 
1400  Euro zone        Consumer confidence flash       Jun 
1400  U.S.             Leading index                   May
        
 Grains prices at  0058 GMT
 Contract       Last    Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   462.25     -2.25    -0.48%       -2.17%  439.89    62
 CBOT corn    368.25     -0.50    -0.14%       -0.47%  373.89    37
 CBOT soy     918.50     -0.25    -0.03%       -1.00%  938.44    32
 CBOT rice     11.20     $0.03    +0.22%       -1.50%  $11.07    50
 WTI crude     42.62     $0.09    +0.21%       -1.41%  $47.33    22
 Currencies                                                        
 Euro/dlr     $1.116    $0.000    -0.03%       +0.26%              
 USD/AUD      0.7555     0.001    +0.07%       -0.32%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

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