July 27, 2018 / 12:39 AM / 19 days ago

GRAINS-Wheat falls from 2-mth high, set to finish week up nearly 4 pct

    SYDNEY, July 27 (Reuters) - U.S. wheat futures edged down on
Friday to retreat from a two-month high touched in the previous
session, though they remained poised to post a weekly gain of
nearly 4 percent on concerns dry weather in key producing
regions will crimp output.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade have risen nearly 4 percent this week, extending
two-week gains to nearly 8 percent.
    * The most active soybean futures are up 1 percent for
the week, set for their second weekly gain.
    * The most active corn futures are up nearly 1.5
percent this week, on course to rise for a second week.
    * Wheat prices were supported by fears over dry weather in
Australia, Europe and Russia.
    * Results from the second day of the Wheat Quality Council's
tour of key U.S. spring wheat production areas projected crop
yields at 41.1 bushels per acre, below the tour's five-year
average of 45.4 bushels.
    * U.S. President Donald Trump said on Wednesday that Europe
had agreed to import more American soybeans, aiding U.S. farmers
as the two sides launch talks on cutting other trade barriers,
easing the threat of a transatlantic trade war.
         
    MARKET NEWS  
    * The euro fell on Thursday, declining the most in a month,
as the European Central Bank clung to its easy money policy and
signalled no change in its timetable to move away from ultra low
rates or end its bond purchase programme.  
    * Oil prices rose for the third consecutive day on Thursday
after Saudi Arabia suspended oil shipments through a strait in
the Red Sea following an attack on two oil tankers and as trade
tensions between the United States and the European Union eased.
  
    * A plunge in Facebook Inc's shares pushed the Nasdaq
down more than 1 percent on Thursday, the index's biggest
one-day drop in a month.  
        
 Grains prices at  0016 GMT
 Contract      Last    Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat  535.75     -0.75    -0.14%       -1.29%  501.88   68
 CBOT corn   374.00     -1.75    -0.47%       +0.20%  368.53   64
 CBOT soy    874.75     -1.25    -0.14%       -0.11%  878.24   58
 CBOT rice    11.99    -$0.01    -0.08%       -0.46%  $11.97   47
 WTI crude    69.60    -$0.01    -0.01%       +0.43%  $69.98   51
 Currencies                                                      
 Euro/dlr    $1.164    $0.000    +0.03%       -0.72%             
 USD/AUD     0.7377     0.000    +0.01%       -1.02%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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