×

GRAINS-Wheat edges higher, rebounds from 6-day low

SYDNEY, Oct 19 (Reuters) - U.S. wheat edged higher, rebounding from a six-day low touched in the previous session, though gains were checked as ample global supplies weighed on prices.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade were up 0.2 percent to $4.31 a bushel by 0108 GMT, having closed down 1 percent on Wednesday when prices hit a low of $4.29 a bushel - the lowest since Oct. 12.

* The most active corn futures were up 0.3 percent to $3.49 a bushel, having closed down 0.4 percent in the previous session when prices hit a low of $3.47-3.4 a bushel - the lowest since Oct. 12.

* The most active soybean futures were up 0.3 percent to $9.87 a bushel, having closed little changed on Wednesday.

* Wheat under pressure as U.S. supplies struggle to attract international demand amid ample supplies from Black Sea producers.

* Reflecting the loss of market share for U.S. wheat in Egypt, the world's top importer, U.S. Wheat Associates, a trade group that promotes U.S. exports, is closing its office in Cairo after about 40 years, a spokesman said on Tuesday.

MARKET NEWS

* The dollar reversed gains on Wednesday, losing steam after data showed U.S. homebuilding fell last month, and was on track to snap four days of gains, even as higher U.S. Treasury yields provided some support.

* Oil prices were firm on Thursday, supported by ongoing supply cuts led by OPEC, tensions in the Middle East and lower production in the United States as a result of hurricane-enforced closures.

* The Dow Jones Industrial Average closed above 23,000 for the first time on Wednesday, driven by a jump in IBM after it hinted at a return to revenue growth.

DATA AHEAD (GMT)

0200 China GDP Q3 0200 China Industrial output Sep 0200 China Retail sales Sep 0200 China Urban investment Sep 0830 Britain Retail sales Sep 1230 U.S. Weekly jobless claims 1230 U.S. Philly Fed business index Oct 1400 U.S. Leading index Sep

Grains prices at 0108 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 431.00 1.00 +0.23% -0.86% 442.88 42 CBOT corn 349.50 1.00 +0.29% -0.14% 351.38 47 CBOT soy 987.00 2.75 +0.28% +0.23% 970.42 61 CBOT rice 11.87 -$0.08 -0.67% -2.18% $12.28 35 WTI crude 52.12 $0.08 +0.15% +0.46% $50.54 67

Currencies

Euro/dlr $1.181 $0.003 +0.22% +0.40% USD/AUD 0.7866 0.002 +0.28% +0.29%

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

(Reporting by Colin Packham; Editing by Amrutha Gayathri)