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GRAINS-Soybeans ease after rally, wheat firm on U.S. crop woes
January 5, 2017 / 3:57 AM / 9 months ago

GRAINS-Soybeans ease after rally, wheat firm on U.S. crop woes

* Chicago soybeans down 0.3 pct after Wednesday's 2 pct gain
    * Wheat up on U.S. crop concerns, gains capped by ample
supply

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Jan 5 (Reuters) - Chicago soybean futures lost
ground on Thursday, giving up some of the previous session's
strong gains, although losses were limited by concerns over
excessive rains hampering planting in Argentina. 
    Wheat edged up following Wednesday's near 3 percent rally,
underpinned by cold and dry weather threatening the U.S. hard
red winter wheat crop.
    The Chicago Board of Trade most-active soybean contract
 was down 0.3 percent at $10.12-3/4 a bushel as of 0334
GMT, having firmed 2 percent on Wednesday.
    Wheat gained 0.1 percent to $4.19 a bushel and corn
 eased 0.1 percent to $3.59-1/2 a bushel.
    "A drop in U.S. crop ratings lifted the wheat market but it
is still too early to get concerned about the crop," said Rajesh
Singla, head of agriculture research at Societe Generale.
    "For soybeans, we earlier had issues with dryness in
Argentina and now there is too much rain."
    Soybean markets have been drawing support from
bargain-buying and concerns about planting delays in Argentina.
    The late December and early January storms that pounded
Argentina's bread basket province of Buenos Aires have delayed
corn and soybean planting, weather experts said on Wednesday.
 
    The South American grains powerhouse is the world's No. 3
exporter of corn and soybeans. It is also the world's top
supplier of soymeal livestock feed.
    Wheat prices have been buoyed after the U.S. Department of
Agriculture said on Tuesday that crop ratings fell in December
in parts of the U.S. Plains that endured a cold and dry month.
 
    Still, ample global wheat production in other key exporting
regions, including the Black Sea and Australia, kept a lid on
the market.
    Commodity funds were net buyers of CBOT corn, soybean and
wheat futures contracts on Wednesday. 
    
 Grains prices at  0334 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  419.00   0.50    +0.12%   +2.70%       409.74   68
 CBOT corn   359.50   -0.25   -0.07%   +2.13%       354.63   65
 CBOT soy    1012.75  -2.50   -0.25%   +0.87%       1032.94  47
 CBOT rice   9.75     $0.02   +0.21%   +1.46%       $9.82    60
 WTI crude   53.12    -$0.14  -0.26%   -1.12%       $51.07   56
 Currencies                                                  
 Euro/dlr    $1.052   $0.012  +1.12%   +0.61%                
 USD/AUD     0.7288   0.006   +0.89%   +1.49%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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