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SYDNEY - U.S. wheat futures rose more than 0.5 percent on Tuesday to hover near a 12-day high hit in the previous session, as traders again sought to unwind huge short positions, despite confirmation of tepid demand for North American supplies.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade were up 0.7 percent at $4.59-3/4 a bushel by 0152 GMT. Wheat closed about 1 percent lower on Monday after hitting a high of $4.64 a bushel - the highest since March 6.
* The most active soybean futures were down 0.1 percent at $9.06-1/4 a bushel, having closed down 0.4 percent on Monday.
* The most active corn futures were up 0.2 percent at $3.72-1/4 a bushel, having closed down 0.5 percent on Monday. Prices hit their highest since March 6 at $3.75-1/2 a bushel in the previous session.
* The U.S. Department of Agriculture reported weekly export inspections of U.S. wheat at 353,727 tonnes, below a range of trade expectations for 400,000 to 700,000 tonnes.
* The USDA reported export inspections of U.S. corn in the latest week at 795,241 tonnes, down from an adjusted figure of 803,351 tonnes the previous week.
* Wet weather and flooding in northwestern parts of the Midwest Corn Belt and the Mississippi River Delta threaten to delay corn planting and encourage farmers to switch some acres to soybeans, which can be seeded later in the season.
MARKET NEWS
* The dollar was under pressure on Tuesday, weighed by growing expectations the Federal Reserve would shift to a more accommodative policy stance this week and concerns about slower U.S. economic growth.
* Oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing supply cuts led by producer club OPEC.
* Banks and tech helped lead Wall Street higher on Monday, while Boeing and Facebook were a drag and investors eyed this week's U.S. Federal Reserve meeting for affirmation of its commitment to "patient" monetary policy.
DATA/EVENTS (GMT)
0930 Britain Claimant Count Unem Change Feb
0930 Britain ILO Unemployment Rate Jan
1000 Germany ZEW Economic Sentiment March
1000 Germany ZEW Current Conditions March
1400 US Factory Orders Jan
U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to March 20)
Grains prices at 0152 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 459.75 3.00 +0.66% -0.54% 479.83 13
CBOT corn 372.25 0.75 +0.20% -0.27% 376.68 33
CBOT soy 906.25 0.50 +0.06% -0.33% 914.49 39
CBOT rice 10.74 $0.02 +0.19% +0.09% $10.56 60
WTI crude 59.08 -$0.01 -0.02% +0.96% $56.00 61
Currencies
Euro/dlr $1.134 $0.000 +0.03% +0.12%
USD/AUD 0.7109 0.001 +0.10% +0.31%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
© Reuters News 2019