March 6, 2017 / 3:31 AM / 4 months ago

GRAINS-Soybeans edge higher on Brazilian supply roadblocks

3 Min Read

    * Adverse weather slows Brazilian soybean exports
    * Wheat firms 1 pct amid warm, dry weather in U.S.
    * Corn edges higher

    By Colin Packham
    SYDNEY, March 6 (Reuters) - U.S. soybeans edged higher on
Monday as adverse weather in Brazil slowed exports, though gains
were curbed by ample global supplies.
    Wheat rose 1 percent amid concerns about potential dry
weather in some parts of the U.S., while corn also edged higher.
    The most active soybean futures on the Chicago Board Of
Trade rose 0.5 percent to $10.42-1/2 a bushel by 0300 GMT,
having closed little changed in the previous session.
    Analysts said supply disruptions were underpinning support
for soybeans, albeit only temporarily.
    "Muddy roads and transport delays in Brazil remains a
supportive feature," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia.
    "Transport delays are only a temporary disruption – the
crops themselves are doing just fine and will find their way on
to market sooner or later."
    The most active wheat futures rose 1.1 percent to
$4.58-1/4 a bushel, having closed up 0.2 percent on Friday.
    Traders noted some concern about continued warm, dry weather
for U.S. hard red wheat supplies.
    Meanwhile, Russia, among the world's largest wheat
exporters, is considering exporting part of its 4 million tonne
state grain stockpile to free up storage space before the new
crop arrives, industry sources said.
    The most active corn futures rose 0.3 percent to
$3.81-3/4 a bushel, after closing up 0.3 percent in the previous
session.
    China will import 1 million tonnes of corn in 2016/17, said
an official think-tank on Monday, lower than the 2 million
tonnes forecast last month.
        
 Grains prices at  0300 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   458.25     4.75   +1.05%       +1.21%   450.42    51
 CBOT corn    381.75     1.00   +0.26%       +0.59%   374.81    59
 CBOT soy    1042.50     5.00   +0.48%       +0.51%  1048.90    49
 CBOT rice      9.61    $0.02   +0.21%       -0.57%    $9.80    36
 WTI crude     53.16   -$0.17   -0.32%       +1.05%   $53.33    45
 Currencies                                                       
 Euro/dlr     $1.061  -$0.002   -0.14%       +0.94%               
 USD/AUD      0.7573   -0.002   -0.28%       +0.03%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)
  

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