Content ID

310631

GRAINS-Wheat falls from 16-day high

CANBERRA, Feb 17 (Reuters) - U.S. wheat futures edged lower, with investors booking profits after they touched the highest in more than two weeks as cold weather across the United States stoked concerns about potential crop losses.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade is down 0.1% at $6.57-1/2 a bushel as of 0153 GMT after earlier hitting a Feb. 1 high of $6.61-1/4 bushel. Wheat closed 3.3% higher in the previous session.

* The most-active soybean futures are up 0.2% at $13.87-1/2 a bushel after closing 0.9% higher in the previous session.

* The most-active corn futures are up 0.3% at $5.53-1/4 a bushel after closing 2.5% higher in the previous session.

* Wheat led the advance as traders focused on temperatures dropping below 0 degrees Fahrenheit (-18 Celsius) as far south as west-central Texas. Winter wheat was seen as vulnerable to the extreme cold in areas lacking adequate snow cover.

* Commodity Weather Group last week estimated 10% of the U.S. soft wheat crop and 15% of the hard wheat crop were at risk of damage from winterkill caused by freezing temperatures.

MARKET NEWS

* The dollar advanced on Wednesday, hitting a four-month high against the yen as U.S. bond yields jumped on the prospects of further economic recovery and a possible acceleration in inflation.

* Oil prices settled near 13-month highs on Tuesday, supported by a deep freeze in the U.S. South that shut wells and oil refineries in Texas.

* Asian markets pointed to a mixed open on Wednesday, as investors juggle the prospects for an economic comeback and additional stimulus with continued pandemic concerns.

(Reporting by Colin Packham; Editing by Krishna Chandra Eluri)

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