GRAINS-Wheat jumps 1 pct, hits 7-week high on U.S. dryness woes

SYDNEY, April 30 (Reuters) - U.S. wheat futures gained 1 percent on Monday as concerns over dry weather in the U.S. southern Plains underpinned the market, pushing prices to a seven-week high. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade were up 1 percent at $5.03-3/4 a bushel, as of 0200 GMT. Earlier in the session, wheat futures hit a high of $5.06 a bushel, their highest since March 7. Wheat closed up 1.8 percent on Friday. * The most active soybean futures climbed 0.6 percent to $10.63-1/4 a bushel, having firmed 1.6 percent in the previous session. * The most active corn futures gained 0.7 percent to $4.01-3/4 a bushel, near the session high of $4.02 a bushel - the highest since July 2017. Corn gained 0.8 percent in the previous session. * Widely watched crop tour through Kansas to begin this week that will allow crop scouts to get a first-hand look at damage caused by a drought. * Soybeans are supported by expectations that the United States will boost its share of the soymeal export market due to shortfalls in Argentina. MARKET NEWS * The dollar held steady against a basket of currencies on Monday, having pulled back from a 3-1/2-month high set late last week, pressured by a decline in the benchmark U.S. 10-year Treasury yield. * Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month. DATA AHEAD (GMT) 0100 China Official manufacturing PMI April 0100 China Official services PMI April 0600 Germany Retail sales March 0800 Euro zone Lending and money supply March 1200 Germany Consumer prices April 1230 U.S. Personal income March 1345 U.S. Chicago PMI April 1400 U.S. Pending home sales March Grains prices at 0151 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 503.75 5.25 +1.05% +2.91% 480.74 72 CBOT corn 401.25 2.75 +0.69% +1.52% 391.97 71 CBOT soy 1063.75 7.50 +0.71% +2.33% 1046.55 66 CBOT rice 13.00 -$0.01 -0.04% +0.39% $12.93 43 WTI crude 67.91 -$0.19 -0.28% -0.41% $65.77 57 Currencies Euro/dlr $1.213 $0.000 +0.02% +0.24% USD/AUD 0.7573 -0.001 -0.11% +0.24% 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)

Sorry we are not currently accepting comments on this article.