October 18, 2019 / 12:57 AM / a month ago

GRAINS-Wheat edges higher, set to finish the week up more than 3%

    SYDNEY, Oct 18 (Reuters) - U.S. wheat futures edged higher
on Friday to linger near a three-month high, as concerns about
tighter global supplies pushed the grain towards weekly gains of
more than 3%.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were up more than 3% for the week, extending
two-week gains to nearly 7%.
    * Wheat on Thursday hit a high of $5.27 a bushel, the
highest since July 15.
    * The most active soybean futures were down nearly
0.5% for the week, the first weekly loss in a month.
    * The most active corn futures down nearly 1% for the
week, the first decline since Sept. 6.
    * Dry weather threatens wheat production in Argentina.
    * Traders noted that Egypt on Wednesday bought 405,000
tonnes of Russian, French and Ukrainian wheat at prices that
were roughly $6 to $9 per tonne higher than what it paid at its
previous international tender on Oct. 8.
    * White House economic adviser Larry Kudlow said on Thursday
that China's "serious commitment" to buy $40 billion to $50
billion worth of U.S. agricultural goods as part of a so-called
Phase 1 trade deal would depend in part on private companies and
market conditions.
         
    MARKET NEWS  
    * The British pound traded near a five-month high against
the dollar and the euro after British Prime Minister Boris
Johnson and European Union leaders agreed to a new deal for
Britain to exit the bloc.  
    * Oil prices rose about 1% on Thursday after draws in U.S.
fuel inventories, but gains were capped by a
larger-than-expected rise in crude stockpiles and a series of
weak economic figures.
    * Wall Street advanced on Thursday as investor sentiment was
buoyed by a string of corporate earnings beats and encouraging
geopolitical developments.  
        
 Grains prices at  0036 GMT
 Contract        Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat    524.75   -0.75   -0.14%       +2.24%  492.83     74
 CBOT corn     395.00    0.25   +0.06%       +0.83%  380.13     60
 CBOT soy      933.50    2.00   +0.21%       +0.59%  905.00     66
 CBOT rice      11.99   $0.00   +0.00%       +0.88%  $12.02     57
 WTI crude      53.99   $0.06   +0.11%       +1.18%  $55.39     53
 Currencies                                                       
 Euro/dlr      $1.113  $0.000   +0.04%       +0.51%               
 USD/AUD       0.6828   0.001   +0.07%       +1.07%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Shounak Dasgupta)
  
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