March 23, 2017 / 1:18 AM / 6 months ago

GRAINS-Soybeans edge lower as global supplies weigh

    SYDNEY, March 23 (Reuters) - U.S. soybeans edged lower on Thursday as forecasts for ample global supplies kept the oilseed near a
three-month low.
    * The most active soybean futures on the Chicago Board Of Trade slipped 0.1 percent to $9.99 a bushel, having closed down 0.18
percent in the previous session.
    * Soybeans hit a near three-month low of $9.92 a bushel on March 14.
    * The most active corn futures were unchanged at $3.58-3/4 a bushel, having closed down 0.7 percent on Wednesday, when prices hit a
low of $3.58-1/4 a bushel, their lowest since Feb. 1.
    * The most active wheat futures were unchanged at $4.22-1/4 a bushel, having closed down 1 percent on Wednesday when prices hit a low
of $4.22-1/4 a bushel, the lowest since Feb. 7. 
    * Wheat under pressure amid forecasts for more favourable weather for U.S. farmers.
    * Brokerage INTL FCStone forecast that U.S. farmers would plant a record 87.3 million acres of soybeans this spring, up from 83.4 million
acres a year ago. INTL FCStone forecast corn acreage at 91.6 million acres.
    * Soybeans also weighed down by negative crush margins in China, which is an indicator that there could be a slowdown in purchases from the
world's biggest importer of the beans.
    * The dollar nudged up from four-month lows against the yen early on Thursday, although U.S. President Donald Trump's struggle to push
through a healthcare bill could weigh on any recovery in the greenback.  
    * Oil prices on Thursday recovered from losses chalked up the session before, but the market remains under pressure as bloated U.S. crude
inventories and rising output dampen OPEC-led efforts to curb global production.  
    * Wall Street ended mixed after a choppy session on Wednesday as investors focused on President Donald Trump's struggle to push through a
healthcare bill and snapped up stocks after a steep drop the day before.  
0700  Germany            GfK consumer sentiment         Apr 
0745  France             Business climate               Mar 
0930  Britain            Retail sales                   Feb 
1200  Federal Reserve Chair Janet Yellen gives opening remarks at event       
1230  U.S.               Weekly jobless claims 
1400  U.S.               New home sales                 Feb 
1500  Euro zone          Consumer confidence            Feb 

 Grains prices at 0054 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  422.25     0.00   +0.00%       -1.00%   447.29    39
 CBOT corn   358.75     0.00   +0.00%       -0.69%   371.83    37
 CBOT soy    999.00    -0.75   -0.08%       -0.25%  1027.73    37
 CBOT rice     9.79    $0.01   +0.05%       +0.15%    $9.71    63
 WTI crude    48.39    $0.35   +0.73%       +2.22%   $51.52    38
 Euro/dlr    $1.079  -$0.001   -0.07%       -0.19%               
 USD/AUD     0.7653   -0.002   -0.30%       -0.46%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential

 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)

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