June 6, 2019 / 1:37 AM / 14 days ago

GRAINS-Wheat jumps nearly 1%, gains checked as U.S. crop fears ease

SYDNEY, June 6 (Reuters) - U.S. wheat futures rose nearly 1% on Thursday to rebound from a near one-week low, though gains were checked amid easing concerns about the state of the North American crops.

FUNDAMENTALS

* The most active wheat contract on the Chicago Board of Trade was up 0.8% at $4.94-3/4 a bushel by 0105 GMT after closing down 3.3% on Wednesday when prices hit a low of $4.88-1/2 a bushel — the lowest since May 30.

* The most active corn futures were down 0.2% at $4.14 a bushel after closing down 2.5% on Wednesday.

* The most active soybean futures were down 0.3% at $8.67 a bushel, having closed down 1.4% on Wednesday.

* Wheat had been supported by worries about crop damage after the recent heavy rains, but a recent U.S. Department of Agriculture report said U.S. winter wheat looked good and rain was forecast for the Black Sea region, which has faced hot and dry weather.

* Reuters reported on Tuesday that Archer Daniels Midland Co and other grain traders were selling Brazilian corn to Smithfield Foods Inc in the United States, where wet weather has reduced plantings.

* Corn was under pressure amid fears of a trade war between the United States and China. Mexico is a major importer of U.S. corn.

MARKET NEWS

* The U.S. dollar was higher on Wednesday afternoon, retracing its earlier fall to a six-month low against the Japanese yen following weak private sector jobs data in the United States.

* Oil prices fell on Wednesday, with West Texas Intermediate crude futures (WTI) dropping to its lowest since January after U.S. crude inventories unexpectedly surged, adding to concerns about slowing global growth.

* Wall Street’s major indexes rose on Wednesday as investors bet on a Federal Reserve interest rate cut after weak private sector jobs data and hopes grew that the United States and Mexico would reach an agreement to avoid U.S. tariffs on Mexican goods.

DATA/EVENTS (GMT)

0130 Australia Trade Balance G&S (A$) April

0600 Germany Industrial Orders MM April

0615 India Cash Reserve Ratio

0615 India Repo Rate

0615 India Reverse Repo Rate

0900 Euro Zone GDP Revised QQ Q1

0900 Euro Zone GDP Revised YY Q1

1145 Euro Zone ECB Refinancing Rate June

1145 Euro Zone ECB Deposit Rate June

1145 Euro Zone The ECB announces its policy decision

1200 France Reserve Assets Total May

1230 Euro Zone ECB President Mario Draghi to hold a

press conference

1230 US International Trade $ April

1230 US Initial Jobless Claim weekly

1230 Canada Trade Balance C$ April

1300 Russia CPI MM May

1300 Russia CPI YY May

Reporting by Colin Packham; editing by Uttaresh.V

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