October 9, 2018 / 1:39 AM / 12 days ago

GRAINS-Wheat extends losses into second session, hits one-week low

    SYDNEY, Oct 9 (Reuters) - U.S. wheat futures fell for a
second session to hit a one-week low on Tuesday as wet weather
boosted yield prospects for North American crops.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were down 0.4 percent at $5.12 a bushel by 0053 GMT
- the lowest since Oct 2. Wheat closed down 1.3 percent on
Monday. 
    * The most active soybean futures fell 0.2 percent to
$8.68-1/4 a bushel, having firmed 0.1 percent on Wednesday.
    * The most active corn futures dipped 0.1 percent to
$3.66 a bushel, having closed down 0.5 percent in the previous
session.
    * Wet weather across key corn and soybean states - including
Iowa, Nebraska and Minnesota - stalled the harvesting of both
crops, but the rains have boosted soil moisture for hard red
winter wheat planting in the central and southern U.S. Plains. 
    * Russian grain exports quickened last week, SovEcon said,
citing preliminary customs data. Russia exported 15.7 million
tonnes of grain over July 1-Oct. 4. That was up 26 percent from
a year ago and included 13.5 million tonnes of wheat.

    * Traders squared positions ahead of Thursday's monthly U.S.
Department of Agriculture (USDA) crop supply and demand report
that is expected to show larger U.S. corn and soybean crops and
bigger supplies of corn, soy and wheat.
         
    MARKET NEWS  
    * The euro fell to a seven-week low against the dollar on
Monday on a spat between Italy and the European Union over
Rome's budget plans, while the yuan weakened as Beijing's move
to spur more lending failed to ease concern about economic
growth.  
    * Oil prices held little changed on Tuesday, as more
evidence emerged that crude exports from Iran are declining in
the run-up to the reimposition of U.S. sanctions, while a
hurricane moved across the Gulf of Mexico.  
    * The tech-heavy Nasdaq fell on Monday for the third
straight day as a sell-off in Chinese markets sparked concerns
about slowing global economic growth, though the S&P 500 pared
losses to end nearly flat.  
        
 DATA AHEAD (GMT)                                                         
 0600  Germany         Trade data                                Aug      
 1000  U.S.            NFIB business optimism          Sep                
 Grains prices at  0053 GMT
 Contract         Last    Change    Pct chg   Two-day chg   MA 30
 CBOT wheat     512.00     -2.00     -0.39%        -1.73%  518.91
 CBOT corn      366.00     -0.50     -0.14%        -0.61%  360.37
 CBOT soy       868.25     -1.50     -0.17%        -0.09%  844.81
 CBOT rice       10.88     $0.00     +0.00%        +0.88%  $10.44
 WTI crude       74.20    -$0.09     -0.12%        -0.19%  $71.13
 Currencies                                                      
 Euro/dlr       $1.149    $0.000     -0.03%        -0.32%        
 USD/AUD        0.7078     0.000     +0.03%        +0.38%        
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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