CANBERRA, Sept 20 (Reuters) – U.S. wheat futures edged up on Monday as concerns about global supplies following Canada’s drought-affected harvest and reduced estimates of French and European Union pushed prices of the grain towards a near eight-day high.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade Wv1 were up 0.1% at $7.09-3/4 a bushel, as of 0154 GMT, having closed 0.6% lower on Friday. Wheat prices hit an eight-day high of $7.16-3/4 a bushel last week.
* The most active Soybean futures Sv1 were down 0.6% at$12.76 a bushel, having closed 0.9% weaker on Wednesday.
* The most active corn futures Cv1 were down 1% at $5.22-1/4 a bushel, having closed flat in the previous session.
* Prices of wheat were also underpinned by reduced estimates of winter wheat sowings in Russia.
* Exports of U.S. soybeans were capped as terminals on the U.S. Gulf Coast continue to struggle with power outages and hurricane-led damages as the country heads into its busiest export season.
MARKET NEWS
* The dollar began the week firmly on Monday with investors in a cautious mood ahead of several central bank meetings, headlined by the Federal Reserve, while looming catastrophe at indebted developer China Evergrande added to markets’ fragility. USD/
* Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes. O/R
* Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering. .N
(Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
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