January 4, 2017 / 1:38 AM / 8 months ago

GRAINS-Soybeans extend losses to hit lowest in 8 days

SYDNEY, Jan 4 (Reuters) - Soybean prices fell for the fourth
consecutive session on Wednesday to hit their lowest in eight
days, dragged down by expectations of ample supply in South
America.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade dropped 0.1 percent to $9.94 a bushel, near the
session low of $9.93 a bushel, which was the weakest since Dec.
27. Soybeans closed down 0.9 percent on Tuesday.
    * The most active corn futures rose 0.14 percent to
$3.55-1/4 a bushel, having gained 1 percent in the previous
session when prices hit their strongest since Dec. 16 at
$3.58-1/2 a bushel. 
    * The most active wheat futures rose 0.12 percent to
$4.07 a bushel, having closed down 0.37 percent on Tuesday. 
    * Soybeans are under pressure as analysts grow more
confident of crop prospects in South America and particularly
Brazil, projected as the world's No. 2 soybean producer after
the United States.
    * Condition ratings for winter wheat declined in parts of
the U.S. Plains in December, especially Oklahoma, which endured
a cold and dry month, the U.S. Department of Agriculture said on
Tuesday. 
         
    MARKET NEWS  
    * The dollar pulled back slightly on Wednesday after
reaching a 14-year peak overnight as investors sold into the
rally to book profits, with the market looking to consolidate
before the highly anticipated U.S. jobs report due on Friday.
  
    * Oil prices edged up on Wednesday, recovering some losses
from the previous day when the U.S.-dollar hit a 14-year peak
and weighed on crude markets.  
    * Wall Street rose sharply on Tuesday as a post-election
rally extended into the new year, helped by gains in Verizon
Communications and technology companies Alphabet and Facebook.
  
    
    DATA (GMT)
Euro Zone  0900  Markit Service Final PMI     Dec 
Euro Zone  1000  Inflation  Flash             Dec 
U.S.       1200  Mortgage Market index weekly 
U.S.       1355  Redbook weekly 
U.S.       1445  ISM-New York index           Dec 
U.S.       1830  All car, truck sales         Dec 
      
 Grains prices at  0118 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat  407.00     0.50    +0.12%       -0.25%  409.37    55
 CBOT corn   355.25    -0.50    -0.14%       +0.92%  354.48    57
 CBOT soy    994.00    -1.00    -0.10%       -1.00%  1032.3    32
                                                          6  
 CBOT rice     9.58   -$0.03    -0.31%       -0.36%   $9.81    47
 WTI crude    52.64    $0.31    +0.59%       -2.01%  $51.06    50
 Currencies                                                      
 Euro/dlr    $1.040  -$0.001    -0.06%       -0.56%              
 USD/AUD     0.7225    0.000    +0.01%       +0.61%              
 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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