March 30, 2017 / 1:46 AM / 4 months ago

GRAINS-Soybean prices fall to lowest in more than 5 months

3 Min Read

    SYDNEY, March 30 (Reuters) - U.S. soybeans prices hit their
lowest in more than five months on Thursday, dragged down by
expectations that a widely watched U.S. government report later
in the week would forecast an increase in North American
planting.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade fell 0.2 percent to $9.67-1/4 a bushel at 0134 GMT,
after earlier touching their lowest since Oct. 17 at $9.67.
Soybeans closed down 0.3 percent on Wednesday.
    * The most active corn futures were unchanged at
$3.58-1/2 a bushel, having gained 0.2 percent in the previous
session.
    * The most active wheat futures were steady at
$4.25-1/4 a bushel, having closed up 0.2 percent on Wednesday. 
    * The upcoming U.S. Department of Agriculture report is
expected to show increased U.S. soybean plantings and reduced
seedings of corn, as well as bigger year-on-year U.S. stockpiles
of corn, soybeans and wheat as of March 1, according to analysts
polled by Reuters.
    * Forecasts of crop-friendly rainfall in the southern U.S.
Plains wheat belt have weighed on wheat futures so far this
week, while bumper soybean and corn harvests in South America
pressured futures for those crops.
             
    MARKET NEWS  
    * The dollar hovered near a one-week high against a basket
of currencies on Thursday, buoyed by a weaker euro which sagged
as prospects of the European Central Bank stepping away from
monetary easing faded.  
    * Oil prices were steady on Thursday, supported by falling
crude output in Libya and declining gasoline stocks in the
United States, although bloated U.S. crude inventories are still
weighing on markets.  
    * The benchmark S&P 500 eked out a gain on Wednesday as
strength in the energy and consumer sectors offset declines in
financial shares and investors began looking ahead to
first-quarter earnings season.  
    
    DATA AHEAD (GMT) 
0900  Euro zone              Business climate            Mar 
0900  Euro zone              Consumer confidence         Mar 
1200  Germany                Consumer prices             Mar 
1230  U.S.                   GDP Final                   Q4 
1230  U.S.                   Weekly jobless claims 
    
 Grains prices at  0126 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  425.25    -0.25   -0.06%       +1.07%   441.88    48
 CBOT corn   358.50     0.00   +0.00%       +0.77%   368.75    45
 CBOT soy    967.25    -1.75   -0.18%       -0.44%  1015.25    19
 CBOT rice     9.90    $0.03   +0.30%       +0.92%    $9.71    67
 WTI crude    49.47   -$0.04   -0.08%       +3.65%   $50.85    60
 Currencies                                                      
 Euro/dlr    $1.075  -$0.006   -0.55%       -1.02%               
 USD/AUD     0.7671    0.004   +0.50%       +0.74%               
 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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