You are here

GRAINS-Wheat firms after falling for four days, improved U.S. weather caps gains

* Wheat rises for 1st time in 5 sessions, recovers from 10-day low * Improved weather seen boosting U.S. drought-hit winter crop (Adds details, quotes) By Naveen Thukral SINGAPORE, April 17 (Reuters) - Chicago wheat futures edged higher on Tuesday, recouping some of the losses suffered in the last four sessions although the gains were limited after the U.S. Department of Agriculture said the condition of the winter crop was improving. Soybeans ticked up after finishing lower on Monday on profit-taking and technical selling after the market climbed to its highest in more than a month on Friday. The Chicago Board Of Trade most-active wheat contract rose 0.3 percent to $4.63-1/2 a bushel by 0245 GMT. The market dropped about 2 percent in the previous session when prices hit a low of $4.61-1/2 a bushel, the lowest since April 6. Soybeans were up 0.1 percent to $10.43 a bushel and corn added 0.1 percent to $3.82-3/4 a bushel. "Some of those weather concerns for U.S. winter wheat have been washed away with winter storms," said Phin Ziebell, agribusiness economist at National Australia Bank. "U.S. winter wheat crop condition is expected to improve." The USDA said 31 percent of the wheat crop in the United States was in good to excellent condition, surpassing market expectations. "Better weather on the way for a heavily damaged U.S. winter wheat crop now transitioning from boot to heading stage," Thomson Reuters Agriculture Research analysts said, referring to the growth stages for winter wheat as it emerges from its dormant state. Winter wheat has endured drought followed by late frost, and the cold start to spring has also raised question marks about whether farmers will plant extra spring wheat as projected by the U.S. government. Planting of U.S. spring wheat was 3 percent complete, the USDA said, behind market forecasts. The USDA said 3 percent of the corn crop was planted as of Sunday, also lagging market expectations. U.S. oilseed processors crushed a record volume of soybeans in March while soyoil stocks rose for a fifth straight month and hit a 21-month high, the National Oilseed Processors Association (NOPA) said on Monday. Drought-hit soybean production in Argentina is expected to keep a floor under the oilseed market, but strong yield prospects in Paraguay and Brazil were limiting price support. Commodity funds were net sellers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Monday, traders said. Grains prices at 0245 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 463.50 1.25 +0.27% -3.64% 472.37 41 CBOT corn 382.75 0.25 +0.07% -1.54% 384.47 43 CBOT soy 1043.00 1.00 +0.10% -1.67% 1041.19 50 CBOT rice 13.00 -$0.06 -0.46% +0.85% $12.49 71 WTI crude 66.56 $0.34 +0.51% -1.23% $63.73 62 Currencies Euro/dlr $1.238 $0.005 +0.40% +0.43% USD/AUD 0.7770 0.000 +0.05% +0.21% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Christian Schmollinger)

© Copyright Thomson Reuters 2018. Click For Restrictions -

Read more about

Talk in Marketing

Most Recent Poll

To meet my machinery needs in the next year, I’m