March 16, 2017 / 1:46 AM / 4 months ago

GRAINS-Soybeans edge higher on weaker dollar; supply caps gains

3 Min Read

    SYDNEY, March 16 (Reuters) - U.S. soybeans edged higher on
Thursday, pushing further away from a near three-month low hit
earlier in the week as a weaker dollar supported prices,
although gains were checked by ample global supplies.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.7 percent to $10.05 a bushel, having firmed
0.1 percent on Wednesday.
    * The most active corn futures rose 0.4 percent to
$3.65 a bushel, having gained 0.4 percent in the previous
session.
    * The most active wheat futures rose 0.2 percent to
$4.37 a bushel, having closed up 1.3 percent on Wednesday. 
    * The National Oilseed Processors Association said its
members crushed a smaller-than-expected 142.792 million bushels
of soybeans during February, the smallest monthly total since
September.
    * Analysts said the plentiful global soybean supply outlook
would continue to drag on prices, with a record crop expected in
Brazil and new indications U.S. farmers will raise soybean
production for next season.
    * Egypt's state grain buyer said after the close that it
would purchase Russian, French and Ukrainian wheat, again
shunning U.S. supplies.
         
    MARKET NEWS  
    * The dollar wallowed at a one-month low early on Thursday
after the U.S. Federal Reserve sounded less hawkish following
its latest policy decision, while the euro stood tall as Dutch
election exit polls gave the country's prime minister a big lead
over his far-right rival.  
    * Crude oil prices rose on Thursday in early Asian trading,
extending gains from the previous session after official data
showed U.S. stockpiles had eased from record highs.  
    * U.S. stocks rose sharply on Wednesday after the Federal
Reserve raised interest rates for the second time in three
months, as expected.  
    
     DATA/EVENT AHEAD (GMT) 
1200  Bank of England interest rate decision 
1230  U.S.               Housing starts                      Feb
1230  U.S.               Building permits                    Feb
1230  U.S.               Weekly jobless claims 
1230  U.S.               Philly Fed business index           Mar
    
    
 Grains prices at  0109 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   437.00     1.00   +0.23%       +1.51%   450.34    60
 CBOT corn    365.00     1.50   +0.41%       +0.76%   373.71    54
 CBOT soy    1005.00     7.00   +0.70%       +0.58%  1036.41    47
 CBOT rice      9.72    $0.04   +0.41%       -0.21%    $9.70    73
 WTI crude     49.10    $0.24   +0.49%       +2.89%   $52.34    34
 Currencies                                                       
 Euro/dlr     $1.073   $0.000   -0.01%       +1.22%               
 USD/AUD      0.7687   -0.002   -0.26%       +1.71%               
 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below