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GRAINS-Soybean prices edge away from 2-mth low, but ample supply drags
March 13, 2017 / 3:17 AM / 6 months ago

GRAINS-Soybean prices edge away from 2-mth low, but ample supply drags

    * Soybean gains checked by supply forecasts
    * Corn prices pressured by USDA outlook
    * Wheat markets little changed despite cold weather fears

    By Colin Packham
    SYDNEY, March 13 (Reuters) - U.S. soybean prices on Monday
inched away from two-month lows touched in the previous session,
though gains were checked by forecasts of ample South American
supply.
    Corn prices were flat after hitting a three-week low the
session before, while wheat was largely unchanged. 
    The most active Chicago Board of Trade soybean contract, for
March, climbed 0.17 percent to $10.08-1/4 a bushel. It
closed down 0.45 percent on Friday, after marking its lowest
since Jan. 11 at $10.03 a bushel.
    The U.S. Department of Agriculture on Thursday raised its
forecast of Brazil's soybean crop for 2016/17 to a record 108
million tonnes, from the 104 million predicted last month.

    Brazilian agricultural statistics agency Conab on Thursday
raised its estimate for the country's 2016/17 soybean crop to
107.6 million tonnes, more than 2 million tonnes above its
previous forecast.
    "The prospect of season 2016 (soy) inventories rising when
record acreage is on the cards for season 2017 is not a price
friendly combo," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    The most active corn futures were unchanged at
$3.64-1/4 a bushel on Monday. They ended down 0.75 percent in
the previous session, having hit their weakest since Feb. 24 at
$3.62-1/2 a bushel.
    The USDA raised its forecast of global 2016/17 corn ending
stocks to 220.68 million tonnes, above the average trade
estimate and up from 217.56 million last month.
    The most active wheat futures were little changed at
$4.40-1/4 a bushel, after closing down 0.8 percent on Friday.
That was despite fears freezing temperatures this week could
threaten soft red winter wheat in about 10 percent of the U.S.
Midwest crop belt.
        
 Grains prices at  0234 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   440.25    -0.25   -0.06%       -0.84%   451.05    38
 CBOT corn    364.25     0.00   +0.00%       -0.75%   374.28    33
 CBOT soy    1008.25     1.75   +0.17%       -0.27%  1040.31    31
 CBOT rice      9.69    $0.00   +0.00%       +0.52%    $9.72    60
 WTI crude     48.08   -$0.41   -0.85%       -2.44%   $52.78    14
 Currencies                                                       
 Euro/dlr     $1.069   $0.002   +0.22%       +1.11%               
 USD/AUD      0.7557    0.002   +0.23%       +0.71%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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