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GRAINS-Wheat adds to steep rise on fears Russia may…

Reuters, 07.09.18


SYDNEY, Aug 30 – U.S. wheat futures rose 1 percent on Thursday, adding to a steep rise in the previous session as concerns that Russia will limit exports pushed prices to a near one-week high.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 1 percent at $5.46-3/4 a bushel by 0138 GMT, near the session high of $5.49 a bushel – the highest since Aug. 23. Wheat closed up 4.4 percent on Wednesday.

* The most active soybean futures were up 0.4 percent at $8.39-1/4 a bushel, having firmed 0.3 percent on Wednesday.

* The most active corn futures were up 0.6 percent to $3.58-1/2 a bushel, having gained 0.1 percent in the previous session.

* Wheat won support amid concerns that Russia, the world’s biggest wheat supplier, might curtail exports after a disappointing harvest this summer.

* Russia’s agriculture ministry will meet grain exporters on Sept. 3 to discuss the market situation, two trade sources told Reuters.

* Russian consultancy IKAR on Tuesday lowered its estimate of Russia’s 2018 wheat harvest to 69.6 million tonnes from 70.8 million tonnes previously. The firm left its Russian wheat export estimate unchanged at 32.5 million tonnes.

* Soybeans were pressured by fears that African swine fever in China’s hog herd could limit demand for soymeal. China’s agriculture ministry said it cannot rule out the possibility of new outbreaks.

MARKET NEWS

* The dollar rose against most currencies on Wednesday, as optimism over a U.S.-Mexico trade deal gave way to concern that a conflict over trade between Washington and Beijing was not about to end soon.

* Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.

* Wall Street extended its rally on Wednesday, with the S&P 500 and the Nasdaq hitting record highs for the fourth straight session as technology companies pushed indexes higher and promising trade negotiations stoked investor sentiment.

DATA AHEAD (GMT) 0600 Germany Import prices Jul 0755 Germany Unemployment rate Aug 0900 Euro zone Business climate Aug 1200 Germany Consumer prices Aug 1230 U.S. Personal income Jul 1230 U.S. Weekly jobless claims Grains prices at 0138 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 546.75 5.00 +0.92% +4.49% 558.05 49 CBOT corn 358.50 2.00 +0.56% +0.63% 373.63 31 CBOT soy 839.25 3.25 +0.39% +0.72% 878.25 33 CBOT rice 10.85 -$0.02 -0.14% +1.88% $11.14 55 WTI crude 69.63 $0.12 +0.17% +1.61% $68.11 71 Currencies Euro/dlr $1.170 -$0.001 -0.07% +0.04% USD/AUD 0.7284 -0.002 -0.33% -0.72%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential



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