February 13, 2018 / 3:02 AM / in 3 months

GRAINS-Wheat prices hit 6-mth high as adverse weather stokes US output concerns

    SYDNEY, Feb 13 (Reuters) - U.S. wheat futures on Tuesday hit
their highest in six months, pushed up by worries over adverse
weather in key North American growing regions. 
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up 0.5 percent at $4.66-1/2 a bushel at 0224
GMT, after earlier touching their highest since Aug. 8 at $4.67
a bushel. Wheat closed up 3.3 percent on Monday. 
    * The most active soybean futures were up 0.1 percent
at $10.02-1/2 a bushel, having firmed 1.9 percent on Monday.
    * The most active corn futures were down 0.1 percent
at $3.66-1/2 a bushel. They gained 1.4 percent in the previous
session.
    * Wheat prices drew some support from concerns about dry
conditions in major U.S. winter wheat states such as Kansas and
Oklahoma.
    * The run-up in prices appeared likely to curb export demand
for U.S. wheat, a factor underscored when the U.S. Department of
Agriculture on Thursday lowered its U.S. wheat export forecast
for the 2017/18 marketing year. 
    * Some Chinese buyers have cancelled corn purchases from the
United States and switched to rival supplier Ukraine, as Beijing
tightens controls on processing genetically modified strains of
the crop, trade sources said.
         
    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.  
    
     DATA AHEAD (GMT)
0930  UK                 Consumer prices                 Jan
1100  U.S.               NFIB business optimism          Jan
        
 Grains prices at  0224 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30    RSI 
 CBOT wheat   466.50    2.50   +0.54%       +3.90%  438.76      67
 CBOT corn    366.50   -0.50   -0.14%       +1.24%  355.98      63
 CBOT soy    1002.50    0.75   +0.07%       +1.98%  978.69      65
 CBOT rice     12.38  -$0.01   -0.08%       +0.45%  $12.17      55
 WTI crude     59.70   $0.41   +0.69%       +0.84%  $63.23      25
 Currencies                                                       
 Euro/dlr     $1.229  $0.000   -0.01%       +0.47%                
 USD/AUD      0.7861   0.000   +0.04%       +0.63%                
 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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