November 13, 2018 / 1:50 AM / in a month

GRAINS-Wheat hovers near three-week high on demand optimism

    SYDNEY, Nov 13 (Reuters) - U.S. wheat futures edged higher on Tuesday, hovering near a three-week high hit in the
previous session, as expectations of an imminent uptick in demand for North American supplies underpinned gains.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade were up 0.1 percent at $5.20-1/2 a bushel, as
of 0126 GMT. In the previous session, wheat futures closed 3.3 percent firmer, when prices hit $5.20-3/4  a bushel, the
highest since Oct. 20.
    * The most active soybean futures were little changed at $8.82-3/4 a bushel, having closed down 0.5 percent
on Monday.
    * The most active corn futures slipped 0.5 percent to $3.69-1/2 a bushel, having closed up 0.4 percent in the
previous session.
    * Wheat supported by expectations of a pick-up in demand for U.S. supplies and poor weather in Argentina.
    * Soybeans pressured as traders digested the U.S. Department of Agriculture's Nov. 8 forecast for U.S. soybean
stocks to rise to 955 million bushels by the end of the 2018/19 marketing year following a record-large harvest and as
a trade fight with China limits exports. 
             
    MARKET NEWS  
    * The dollar reached a 16-month high against a basket of currencies on Monday as investors built bets on a Federal
Reserve interest rate increase next month, and political risks in Europe put pressure on the euro and the pound.
 
    * Oil prices fell by more than one percent early on Tuesday after U.S. President Donald Trump put pressure on OPEC
not to cut supply to prop up the market.  
    * Wall Street's major indexes tumbled on Monday as shares of Apple Inc and Goldman Sachs Group Inc
dragged down the technology and financial sectors.  
    
    DATA AHEAD (GMT)
1000  Germany            ZEW economic sentiment             Nov
1000  Euro zone          ZEW survey expectations            Nov
1100  U.S.               NFIB business optimism             Oct
        
 Grains prices at 0126 GMT
 Contract        Last    Change    Pct chg   Two-day chg    MA 30
 CBOT wheat    520.50      0.75     +0.14%        +3.69%   510.85
 CBOT corn     369.50     -1.75     -0.47%        -0.07%   369.19
 CBOT soy      882.75     -0.50     -0.06%        -0.45%   875.71
 CBOT rice      10.65     $0.00     +0.00%        +0.14%   $10.87
 WTI crude      59.05    -$0.88     -1.47%        -1.89%   $67.69
 Currencies                                                      
 Euro/dlr      $1.123    $0.001     +0.11%        -0.93%         
 USD/AUD       0.7177     0.001     +0.07%        -0.65%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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