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GRAINS-Wheat firms to linger near one-year high on U.S., French production concerns

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SYDNEY, June 21 (Reuters) - U.S. wheat rose for a fifth consecutive session on Wednesday as concerns over French and U.S. production due to unfavourable weather pushed prices to a near one-year high.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade rose 0.2 percent to $4.73-1/4 a bushel, having closed up 1.2 percent on Tuesday when prices hit a high of $4.75-3/4 a bushel - the highest since June 23, 2016.

* The most active soybean futures rose 0.2 percent to $9.29-1/4 a bushel, having closed down 1.1 percent on Tuesday.

* The most active corn futures rose 0.1 percent to $3.70-1/2 a bushel, having closed down 1.4 percent in the previous session when prices hit a low of $3.69-1/4 a bushel - the lowest since June 1.

* The U.S. Department of Agriculture late on Monday rated 41 percent of the U.S. spring wheat crop as good to excellent, down from 45 percent a week earlier. Analysts surveyed by Reuters had expected an improvement.

* A heatwave hitting France and southern Europe will damage this year's wheat crops, mainly in top EU producer France and in Spain, while rainfall benefited crops in Germany, Poland and Britain where they are expected to be higher, analysts said.

* The USDA late Monday rated 67 percent of the U.S. corn and soybean crops in good to excellent condition. The corn figure was steady with the previous week while the soybean figure was up 1 percentage point.

MARKET NEWS

* The dollar edged back from one-month highs against a basket of currencies early on Wednesday as a tumble in crude oil prices pushed down U.S. yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike.

* Oil fell about 2 percent on Tuesday, with Brent settling at seven-month lows and U.S. crude at its cheapest level since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output.

* U.S. stocks closed lower on Tuesday as a sharp drop in oil prices hurt energy stocks and retail stocks were pulled down by concerns about Amazon.com's plan to boost its apparel business, while investors also worried about future Federal Reserve rate hikes.

DATA AHEAD (GMT)

1400 U.S. Existing home sales May

Grains prices at 0039 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 473.25 0.75 +0.16% +1.34% 439.17 80 CBOT corn 370.50 0.50 +0.14% -1.27% 374.13 40 CBOT soy 929.25 1.50 +0.16% -0.91% 940.52 44 CBOT rice 11.19 -$0.18 -1.58% -2.86% $11.04 48 WTI crude 43.48 -$0.03 -0.07% -1.63% $47.52 27

Currencies

Euro/dlr $1.113 $0.000 +0.00% -0.13% USD/AUD 0.7569 -0.001 -0.13% -0.33%

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)