March 15, 2017 / 2:40 AM / 6 months ago

GRAINS-Soybean prices edge up, move away from three-month low

    * Soybeans rise for first time in eight sessions
    * Oilseed under pressure from ample global supply
    * Corn unchanged, wheat prices firm

    By Colin Packham
    SYDNEY, March 15 (Reuters) - U.S. soybean prices rose for
the first time in eight sessions on Wednesday to pull away from
their lowest in nearly three months, though expectations of
plentiful South American supply capped gains.
    Corn was steady near a two-week low, while wheat advanced
after hitting an eight-day trough in the previous session.
    The most active soybean futures on the Chicago Board of
Trade climbed 0.3 percent to $10.02-1/4 a bushel. They
closed down 0.7 percent on Tuesday, after marking their lowest
since Dec. 27 at $9.92 a bushel.
    Analysts said bargain-buying had been supporting soy prices,
but that the supply outlook would continue to drag.
    "Investor confidence has been zapped by South America's huge
production potentials and good harvest weather," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
Australia.
    Global inventories are also set to grow as U.S. farmers
boost production for next season.
    A survey of farmers released by Illinois-based research and
brokerage firm Allendale Inc projected soybean plantings at 88.8
million acres, up 6.5 percent from 2016.
    The most active corn futures were unchanged at
$3.62-1/4 a bushel. They gained 0.35 percent in the previous
session, having hit their weakest since Feb. 1 at $3.60 a
bushel.
    Corn prices are also being pressured by ample global supply,
with Allendale's survey putting corn plantings at 90 million
acres.
    However, markets for the grain have been buoyed by Chinese
buying. China importers have booked at least three cargoes of
U.S. corn, totaling about 195,000 tonnes, for shipment in the
late spring to early summer from the Pacific Northwest, U.S.
corn export traders said on Tuesday.
    The most active wheat futures climbed 0.23 percent to
$4.31-1/2 a bushel. On Tuesday, they hit their lowest since Feb.
8 at $4.28-1/2 a bushel.   
    Traders said wheat was drawing some support from signs of an
uptick in international demand.
    Egypt's General Authority for Supply Commodities set a
tender to buy an unspecified amount of wheat from global
suppliers for shipment between April 15 and April 25. Results
are expected on Wednesday.
       
 Grains prices at  0203 GMT
 Contract        Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    431.50     1.00   +0.23%       +0.23%   450.60    28
 CBOT corn     362.25     0.00   +0.00%       +0.35%   373.98    26
 CBOT soy     1002.25     3.00   +0.30%       -0.37%  1037.98    25
 CBOT rice       9.70   -$0.03   -0.36%       -1.37%    $9.70    62
 WTI crude      48.38    $0.66   +1.38%       -0.04%   $52.48    23
 Currencies                                                        
 Euro/dlr      $1.061   $0.001   +0.09%       -0.38%               
 USD/AUD       0.7565    0.001   +0.09%       -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 Joseph Radford)
  

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