July 17, 2017 / 1:18 AM / in 11 days

GRAINS-Wheat falls to 17-day low as rains arrive across U.S. Plains

3 Min Read

    SYDNEY, July 17 (Reuters) - U.S. wheat prices dropped for a
fourth consecutive session to hit a 17-day low as rains fell
across a key U.S. growing region, easing fears of tight supply
following recent prolonged hot, dry weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were down 1.3 percent at $5.04 a bushel, near the
session-low of $5.02-3/4 a bushel - the weakest since June 30.
Wheat closed down 0.2 percent on Wednesday. 
    * The most active corn futures dropped 1.5 percent to
$3.83-1/2 a bushel, having gained 1.7 percent in the previous
session.
    * The most active soybean futures fell 0.6 percent to
$9.95-1/2 a bushel, after firming 1.4 percent on Friday.
    * Wheat and corn prices were under pressure as rains soaked
areas of the U.S. Plains, aiding crops that have been stressed
by dry weather.
    * The U.S. Department of Agriculture last week forecast 
ample global grain and soy supplies.
    * The USDA on Friday said exporters sold 1.3 million tonnes
of soybeans to China, an announcement that followed a Thursday
signing ceremony between Chinese soy buyers and American sellers
in Iowa.
         
    MARKET NEWS  
    * The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.  
    * Oil edged lower in volatile trading on Friday, posting a
second consecutive weekly loss as caution about Europe's debt
crisis and year-end positioning continued to spark selling into
rallies.  
    * A rally in U.S. stocks fizzled, leaving major indexes with
modest gains on Friday, as Wall Street was torn between hope
that U.S. economic data signals better times ahead and fear
Europe's debt crisis will engulf world economies.  
    
    
 Grains prices at  0050 GMT
 Contract       Last   Change   Pct chg   Two-day chg    MA 30  RSI 
 CBOT wheat   504.00    -6.75    -1.32%        -1.51%   492.95    52
 CBOT corn    383.50    -6.00    -1.54%        +0.13%   396.61    46
 CBOT soy     995.50    -6.00    -0.60%        +0.81%   959.55    55
 CBOT rice     11.79    $0.11    +0.94%        +0.26%   $11.70    64
 WTI crude     46.65    $0.11    +0.24%        +1.24%   $45.15    63
 Currencies                                                         
 Euro/dlr     $1.147   $0.000    -0.01%        +0.62%               
 USD/AUD      0.7820   -0.001    -0.10%        +1.22%               
 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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