April 6, 2017 / 1:29 AM / 4 months ago

GRAINS-Soybeans extend gains as rains in Argentina slow harvesting

    SYDNEY, April 6 (Reuters) - U.S. soybeans edged higher on
Thursday, extending two-day gains to nearly 1 percent, as
unfavourable weather in Argentina slowed the harvesting of
crops.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.1 percent to $9.45-1/2 a bushel, having
firmed 0.7 percent on Wednesday.
    * Soybeans hit a low of $9.36-1/2 a bushel on Tuesday, the
lowest since Sept. 27, 2016.
    * Soybeans drew support from rains in Argentina that have
stalled the soybean harvest. A year ago, flooding disrupted
harvesting and sent prices soaring.
    * The most active corn rose 0.1 percent to $3.65-1/4 a
bushel, having gained 0.5 percent in the previous session.
    * The most active wheat rose 0.2 percent to $4.30-1/2 
a bushel, having closed up 0.6 percent on Wednesday. 
    * U.S. Energy Information Administration showed inventories
of corn-based ethanol fuel reached a record high last week as
output fell. 
         
    MARKET NEWS  
    * The dollar nursed losses against a basket of currencies
early on Thursday, weighed down by caution over the impending
U.S.-China summit and geopolitical concerns.  
    * Oil prices settled a shade firmer on Wednesday, easing
from one-month highs, as support from an outage at the largest
UK North Sea oilfield was offset by a surprise increase in U.S.
crude inventories to a record high limited price gains.  
    * Wall Street ended lower on Wednesday after a
late-afternoon reversal following signals from the Federal
Reserve that it could change its bond investment policy this
year, quenching a rally sparked by a strong private-sector jobs
report.  
    
    DATA AHEAD (GMT) 
0145  China          Caixin services PMI              Mar 
0600  Germany        Industrial orders                Feb 
1130  U.S.           Challenger layoffs               Mar 
1230  U.S.           Weekly jobless claims 
    
 Grains prices at  0111 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   430.50    0.75   +0.17%       +0.64%  436.38    59
 CBOT corn    365.25    0.50   +0.14%       -0.68%  366.28    58
 CBOT soy     945.50    1.25   +0.13%       +0.77%  998.28    24
 CBOT rice     10.17  -$0.01   -0.05%       +0.99%   $9.77    79
 WTI crude     50.82  -$0.33   -0.65%       -0.41%  $50.26    61
 Currencies                                                     
 Euro/dlr     $1.068  $0.003   +0.24%       +0.01%              
 USD/AUD      0.7562  -0.007   -0.87%       -1.02%              
 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)
  

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