September 29, 2016 / 2:07 AM / 10 months ago

GRAINS-Soybeans rise 1 pct, harvest pressure caps gains

3 Min Read

SYDNEY, Sept 29 (Reuters) - U.S. soybean rose 1 percent on Thursday,
drawing support from strong export demand, though forecasts for ideal
harvesting weather provided a ceiling to gains.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade 
rose 0.93 percent to $9.54-1/4 a bushel, having closed down 0.74 percent
on Wednesday.
    * The most active corn futures rose 0.46 percent to $3.30-3/4 a
bushel, having closed down 0.75 percent in the previous session.
    * The most active wheat futures rose 0.12 percent to $4.02-1/4 a
bushel, having closed down 0.18 percent on Wednesday. 
    * U.S. corn and soybean harvests have been advancing slightly slower
than average, the U.S. Department of Agriculture (USDA) data showed on
Monday. But fields are expected to dry out in the coming days in the
Midwest grain belts.
    * Australia's east coast will likely see wetter conditions than usual
for the rest of 2016, stoking fears of wheat production losses in the
world's No. 4 exporter of the grain. 
         
    MARKET NEWS  
    * Commodity-linked currencies held firm on Thursday after OPEC agreed
to cut oil output in the first such deal since 2008, boosting oil prices
sharply.  
    * Oil futures extended gains on Thursday after rising nearly 6 percent
the day before on a surprise move by OPEC to curb crude output.  
    * Wall Street ended higher on Wednesday after an OPEC agreement to
limit crude output fueled a rally in oil and more than offset nervousness
about a tight race for the U.S. presidency.  
    
    DATA AHEAD (GMT) 
0755  Germany            Unemployment rate           Sep 
0900  Euro zone          Business climate            Sep 
1200  Germany            Consumer prices             Sep 
1230  U.S.               Wholesale inventory         Aug 
1230  U.S.               GDP Final                   Q2 
1230  U.S.               Weekly jobless claims 
1400  U.S.               Pending home sales          Aug 
    
 Grains prices at  0132 GMT
 Contract        Last     Change   Pct chg  Two-day chg     MA 30     RSI 
 CBOT wheat    403.75       0.50    +0.12%       +1.96%    409.68       55
 CBOT corn     330.75       1.50    +0.46%       +0.53%    333.16       46
 CBOT soy      954.25       8.75    +0.93%       +0.95%    971.58       41
 CBOT rice       9.67     -$0.07    -0.72%       -0.05%     $9.80       47
 WTI crude      47.30      $0.25    +0.53%       +5.89%    $45.75       61
 Currencies                                                               
 Euro/dlr      $1.122    -$0.003    -0.26%       +0.02%                   
 USD/AUD       0.7703      0.007    +0.88%       +1.12%                   
 Most active contracts
 Wheat, corn and soy US
 cents/bushel. 
 Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Biju Dwarakanath)

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