February 8, 2018 / 2:45 AM / 4 months ago

GRAINS-Wheat prices hit 6-mth high on concerns over dry weather in U.S.

    SYDNEY, Feb 8 (Reuters) - U.S. wheat futures edged to a
six-month high on Thursday, as concerns about dry weather across
key U.S. growing regions stoked fears over potential production
losses.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up 0.5 percent at $4.63 a bushel by 0206 GMT,
after earlier marking their highest since August, 2017 at
$4.64-1/2 a bushel. Wheat closed up 3.2 percent on Wednesday. 
    * The most active soybean futures were little changed
at $9.83-1/2 a bushel, having firmed 1.7 percent on Wednesday.
    * The most active corn futures were down 0.1 percent
at $3.64-3/4 a bushel, after gaining 0.5 percent in the previous
session.
    * Wheat prices climbed amid concern about dry weather for
the U.S. crop. While the 2018 crop is still in its winter
dormancy, soil moisture is in tight supply and monthly crop
ratings fell sharply in January.
    * The U.S. Department of Agriculture will issue its latest
supply and demand report on Thursday. Analysts surveyed by
Reuters on average expect the USDA to raise its forecast of U.S.
2017/18 soybean ending stocks, reflecting a sluggish export
pace.
    
    MARKET NEWS  
    * The dollar was off recent lows against major rivals on
Thursday, benefiting from the euro's weakness and higher U.S.
yields but capped by concerns about recent equity market
volatility.  
    * Oil prices on Thursday were close to their lowest levels
this year, with soaring U.S. output undermining OPEC's efforts
to tighten markets and prop up prices.  
    * S&P 500 stock index e-mini futures dipped 0.25
percent late on Wednesday after the regular trading session,
suggesting U.S. stocks might lose ground at the beginning of the
next trading session.  
    
     DATA AHEAD (GMT)
      China                 Trade data                 Jan
0700  Germany               Trade data                 Dec
1200  Bank of England announces rate decision
1330  U.S.                  Weekly jobless claims
        
 Grains prices at  0206 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   463.00    2.50    +0.54%       +3.75%  435.76     72
 CBOT corn    364.75   -0.50    -0.14%       +0.34%  354.64     67
 CBOT soy     983.50    0.50    +0.05%       -0.28%  975.18     51
 CBOT rice     12.42  -$0.08    -0.64%       -1.04%  $12.13     57
 WTI crude     61.48  -$0.31    -0.50%       -3.01%  $63.29     28
 Currencies                                                       
 Euro/dlr     $1.227  $0.001    +0.07%       -0.85%               
 USD/AUD      0.7827   0.001    +0.08%       -0.99%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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