June 7, 2018 / 1:02 AM / 18 days ago

GRAINS-Wheat prices jump more than 1 pct, hold near 1-wk top

    SYDNEY, June 7 (Reuters) - U.S. wheat futures rose more than
1 percent on Thursday to hold near a one-week high amid concerns
about global shortfalls in supply due to dry weather in major
exporters.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up 1.2 percent at $5.26 a bushel by 0031 GMT.
They closed up 2 percent on Wednesday, after touching their
highest since May 31 at $5.31-1/4 a bushel. 
    * The most active soybean futures were unchanged at
$9.94-1/4 a bushel, having closed down 0.7 percent on Wednesday.
In the last session, they marked their weakest since May 18 at
$9.94 a bushel.
    * The most active corn futures were up 0.36 percent at
$3.80-1/4 a bushel, having closed down 1.4 percent in the
previous session. On Wednesday, they hit their lowest since
April 20 at $3.78 a bushel. 
    * Wheat prices were supported by fears of production
shortfalls in Australia and Russia.
    * Uncertainty about U.S. trade relationships with China, the
world's top soy importer, and other countries hung over the
grain market.
    * The U.S. Department of Agriculture this week rated 78
percent of the U.S. corn crop and 75 percent of the soy crop as
good-to-excellent.
         
    MARKET NEWS  
    * The euro rose to a nearly two-week high against the dollar
on Wednesday after officials said the European Central Bank
could wind down its stimulus programme by the end of the year,
as inflation has risen to its target.  
    * Oil prices fell on Wednesday on worries that global supply
is climbing after U.S. inventories rose unexpectedly and Saudi
Arabia and other big producers signaled that they may increase
output.  
    * Wall Street indexes rallied on Wednesday with help from
financial stocks as investors eyed strong economic data and
trade war fears took a back seat while the Nasdaq registered its
third straight record closing high.  
    
    DATA AHEAD (GMT)
0600  Germany              Industrial orders             Apr
0645  France               Trade data                    Apr
0900  Euro zone            Revised GDP                   Q1
1230  U.S.                 Weekly jobless claims
      China                Forex reserves                May
        
 Grains prices at  0031 GMT
 Contract      Last   Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat  526.00     6.25    +1.20%       +3.14%   515.24   57
 CBOT corn   380.25     2.00    +0.53%       -0.91%   398.29   31
 CBOT soy    994.25     0.00    +0.00%       -0.70%  1022.98   30
 CBOT rice    11.43   -$0.13    -1.13%       +4.39%   $12.25   42
 WTI crude    65.20    $0.47    +0.73%       -0.49%   $69.02   34
 Currencies                                                      
 Euro/dlr    $1.179   $0.002    +0.14%       +0.62%              
 USD/AUD     0.7664    0.000    -0.03%       +0.64%              
 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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