SYDNEY, March 29 U.S. soybeans edged lower on
Wednesday as expectations for increased plantings in North
America, along with already ample global supplies, kept the
oilseed tethered near a five-month low.
* The most active soybean futures on the Chicago Board Of
Trade fell 0.1 percent to $9.70-3/4 a bushel, having
closed little changed in the previous session.
* Soybeans hit a low of $9.68-1/4 on Monday, the lowest
since October, 2016.
* The most active corn futures were unchanged at
$3.57-3/4, having gained 0.6 percent in the previous session.
* The most active wheat futures was little changed at
$4.24-3/4 a bushel, having closed up 0.9 percent on Tuesday.
* Soybeans were weighed down by ample global supplies,
further stoked by U.S. plantings for next season, analysts
* Analysts expect a 5.7 percent jump in U.S. soybean sowings
from a year ago, but have forecast a reduction in corn planting
of 3.2 percent and an 8 percent cut in wheat sowings.
* Wheat was pressured by forecasts for rains in the Plains
over most of the last week. The showers should bolster yield
prospects for the developing winter wheat crop.
* The outlook for rains across the Plains, the southern
Midwest and the Mississippi River Delta over the next week also
supported corn futures by threatening to delay seeding in those
* However, planting is still a few weeks away in core Corn
Belt states like Iowa and Illinois.
* The dollar rose on Tuesday, bouncing from 4-month lows, as
a top Federal Reserve official reinforced expectations of more
U.S. rate hikes to come while political uncertainties
surrounding Britain's exit from the EU pressured European
* Oil prices rose as much as 2 percent on Tuesday after a
severe disruption to Libyan oil supplies and as officials
suggested OPEC and other producing countries could extend an
output-cuts deal to the end of the year.
* U.S. stocks ended sharply higher on Tuesday, with
financial and energy shares surging as data showed U.S. consumer
confidence soaring to a more than 16-year high.
DATA AHEAD (GMT)
0600 Germany Import prices Feb
0645 France Consumer confidence Mar
1400 U.S. Pending homes sales Feb
Grains prices at 0051 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 424.75 0.25 +0.06% +0.95% 441.87 46
CBOT corn 357.75 0.00 +0.00% +0.56% 368.73 41
CBOT soy 970.75 -1.25 -0.13% -0.08% 1015.37 20
CBOT rice 9.79 $0.04 +0.36% -0.15% $9.71 58
WTI crude 48.55 $0.18 +0.37% +1.72% $50.82 50
Euro/dlr $1.082 $0.001 +0.05% -0.43%
USD/AUD 0.7649 0.002 +0.21% +0.45%
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)