April 16, 2018 / 1:22 AM / 5 days ago

GRAINS-Wheat falls 1 pct, hits 10-day low as weather outlook improves

    SYDNEY, April 16 (Reuters) - U.S. wheat futures fell more
than 1 percent on Monday to a 10-day low as rains were forecast
across a key producing region, easing fears about widespread
losses following recent adverse weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade eased 1.1 percent to $4.67-1/2 a bushel by 0101 GMT,
near the session low of $4.65-1/4 a bushel - the lowest since
April 6. Wheat closed down 1.8 percent in the previous session.
    * The most active soybean futures were down 0.3
percent to $10.51-1/2 a bushel, after closing down 0.6 percent
on Friday.
    * The most active corn futures were down 0.6 percent
to $3.84 a bushel, having closed down 0.6 percent in the
previous session.
    * Rains forecast across U.S. Plains, which would provide
much needed relief to crops suffering from recent dry weather.
    * The U.S. Department of Agriculture (USDA) on Thursday
reported export sales for old and new crop U.S. wheat in the
latest week at 188,700 tonnes, below trade expectations.

    * Argentina, the world's No. 3 soybean producer, has
struggled with a drought that has slashed its crop. However,
yield prospects are bright in neighbouring Paraguay and Brazil.
    * Paraguay will produce just over 10 million tonnes of
soybeans in 2017/18, slightly less than a year earlier, the
national export chamber CAPECO said on Thursday.
         
    MARKET NEWS  
    * The dollar firmed on Monday, hovering near a two-month
high against the yen, after the market gained some clarity
following military strikes on Syria by the United States and its
allies at the weekend.  
    
 Grains prices at  0101 GMT
 Contract       Last  Change  Pct chg   Two-day chg    MA 30  RSI
 CBOT wheat   467.50   -5.00   -1.06%        -2.81%   472.50   43
 CBOT corn    384.00   -2.25   -0.58%        -1.22%   384.51   47
 CBOT soy    1051.50   -2.75   -0.26%        -0.87%  1041.48   56
 CBOT rice     13.07  -$0.04   -0.34%        +1.40%   $12.49   79
 WTI crude     66.77  -$0.62   -0.92%        -0.45%   $63.61   64
 Currencies                                                      
 Euro/dlr     $1.234  $0.001   +0.06%        +0.09%              
 USD/AUD      0.7774   0.001   +0.10%        +0.26%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  
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