March 27, 2017 / 1:35 AM / 5 months ago

GRAINS-Soybeans hover near 5-month low on ample global supplies

    SYDNEY, March 27 (Reuters) - U.S. soybeans took a breather
on Monday, although silo-busting supply expectations kept the
oilseed near a five-month low.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were little changed at $9.76-1/4 a bushel, having
closed down 1.6 percent on Friday when prices hit a low of
$9.72-1/4 a bushel, the lowest since Oct. 19, 2016.
    * The most active corn futures rose 0.2 percent to
$3.57 a bushel, having closed down 0.1 percent in the previous
session when prices hit a low of $3.55-1/4 a bushel, the lowest
since Jan. 13.
    * The most active wheat futures were little changed at
$4.24-1/2 a bushel, having closed up 0.8 percent on Friday. 
    * Soybeans were pressured by expectations of ample global
supplies, driven by large South American production.
    * The Buenos Aires Grains Exchange on Thursday afternoon
raised its outlook for Argentina's 2016/17 soy crop to 56.5
million tonnes from 54.8 million previously, the latest of a
series of upgrades to forecasts for harvests in South America.

    * The outlook for U.S. wheat production has improved after
forecasts for rain this week in the six to 10 days.    
         
    MARKET NEWS  
    * The dollar slid to a near two-month low against a basket
of currencies early on Monday as concerns mounted about the
chances of U.S. fiscal stimulus after the stinging defeat of
President Donald Trump's healthcare package.  
    * Oil rose modestly on Friday in a spate of late-day
activity, but fell on the week as concerns persisted over an
excess of crude.  

     DATA AHEAD (GMT) 
0800  Germany            Ifo business climate                Mar
0900  Euro zone          M3 annual growth                    Feb
1430  U.S.               Dallas Fed manufacturing index      Mar
    
    
 Grains prices at  0107 GMT
 Contract       Last   Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   424.50    -0.25    -0.06%       +0.83%   444.78    43
 CBOT corn    357.00     0.75    +0.21%       +0.07%   370.33    38
 CBOT soy     976.25     0.50    +0.05%       -1.49%  1021.48    22
 CBOT rice      9.72   -$0.06    -0.61%       -1.32%    $9.71    53
 WTI crude     47.91   -$0.06    -0.13%       +0.44%   $51.13    35
 Currencies                                                        
 Euro/dlr     $1.085   $0.005    +0.46%       +0.62%               
 USD/AUD      0.7617    0.000    -0.07%       -0.12%               
 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