GRAINS-Wheat edges higher as fears for Spring crop linger
SYDNEY, June 15 (Reuters) - U.S. wheat futures edged higher on Thursday, recouping much of the losses from the previous session, as concerns over potential yield losses from recent dry weather lent support to prices. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade rose 0.2 percent to $4.43-3/4 a bushel, having closed down 0.44 percent on Wednesday. * The most active soybean futures were little changed at $9.31-1/4 a bushel, having closed down 0.1 percent on Wednesday. * The most active corn futures fell 0.2 percent to $3.76-1/4 a bushel, having closed down 1 percent in the previous session. * Wheat edged down on Wednesday after showers fell through spring wheat growing areas in the northern U.S. Plains and the Canadian prairies, benefiting fields where drought conditions had been expanding. * But further rains are needed amid a sustained fall in the condition of the spring wheat crop. * The U.S. Department of Agriculture assessed the spring wheat crop at 45 percent good-to-excellent as of June 4, down 10 percentage points from a week earlier. Analysts had been expecting a good-to-excellent rating of 53 percent. MARKET NEWS * The dollar nursed losses on Thursday as weak U.S. inflation data left investors wondering if the Federal Reserve would follow up its latest rate hike with another later this year. * Oil prices wallowed near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC's ability to implement production cuts. * A slide in technology stocks pulled down the Nasdaq Composite on Wednesday and the S&P 500 ended slightly lower, as investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve. DATA/EVENT AHEAD (GMT) 0830 Britain Retail sales May 0900 Euro zone Eurostat trade Apr 1100 Bank of England announces interest rate decision 1230 U.S. New York Fed manufacturing Jun 1230 U.S. Import prices May 1230 U.S. Export prices May 1230 U.S. Weekly jobless claims 1230 U.S. Philly Fed business index Jun 1315 U.S. Industrial production May 1400 U.S. NAHB housing market index Jun Grains prices at 0100 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 443.75 0.75 +0.17% -0.28% 434.33 57 CBOT corn 376.25 -0.75 -0.20% -1.25% 373.03 49 CBOT soy 931.25 -0.50 -0.05% -0.13% 945.48 48 CBOT rice 11.12 $0.09 +0.77% -1.24% $10.83 55 WTI crude 44.64 -$0.09 -0.20% -3.92% $47.81 29 Currencies Euro/dlr $1.122 $0.000 +0.01% +0.04% USD/AUD 0.7588 0.000 +0.04% +0.70% 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)