January 11, 2017 / 2:01 AM / 6 months ago

GRAINS-Soybeans fall from five-day high ahead of USDA report

3 Min Read

SYDNEY, Jan 11 (Reuters) - U.S. soybeans fell for the first
time in three sessions on Wednesday, retreating from a five-day
high touched in the previous session, as traders squared
positions ahead of a widely watched report from the U.S.
Department of Agriculture later in the week.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade fell 0.64 percent to $10.07-1/4 a bushel, having
firmed 0.85 percent on Tuesday when prices hit a high of $10.15
a bushel - the highest since Jan. 5.
    * The most active corn fell 0.5 percent to $3.56-1/2 a
bushel, having closed down 0.5 percent in the previous session.
    * The most active wheat fell 0.53 percent to $4.24-1/2
a bushel, having closed down 0.1 percent on Tuesday. 
    * Soybeans are supported amid adverse weather in Argentina
and Brazil.
    * However, ample global supplies loom over soybean prices.
    * U.S. wheat production is supported as rains are expected
across the Great Plains.
    * But expectations that the USDA reports on Thursday will
show a sharp cutback in U.S. winter wheat seedings kept the
declines in check.
         
    MARKET NEWS  
    * The dollar trod water early on Wednesday, showing little
inclination to move against major peers such as the euro and yen
before U.S. President-elect Donald Trump fronts a news
conference that could set the market's near-term direction.
  
    * Oil prices recovered slightly on Wednesday from steep
slides the previous day, but traders said markets remained under
pressure from signs that planned OPEC output cuts were being
poorly implemented and as supplies from elsewhere rose.  
    * The S&P 500 ended the day unchanged on Tuesday as lower
oil prices hurt energy stocks, offsetting advances in healthcare
and financial sectors, while the Nasdaq ended at another record
high.  
    
    DATA AHEAD (GMT) 
0500  Japan            Leading indicator               Nov 
0500  Japan            Coincident indicator            Nov 
0930  Britain          Industrial output               Nov 
0930  Britain          Trade data                      Nov 

 Grains prices at  0143 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   424.50    -2.25    -0.53%       -0.64%  409.93    67
 CBOT corn    356.50    -1.75    -0.49%       -0.97%  354.33    56
 CBOT soy    1007.25    -6.50    -0.64%       +0.20%  1026.3    49
                                                           0  
 CBOT rice      9.69    $0.01    +0.16%       +0.00%   $9.79    54
 WTI crude     50.94    $0.12    +0.24%       -1.96%  $51.91    35
 Currencies                                                       
 Euro/dlr     $1.056   $0.001    +0.07%       -0.11%              
 USD/AUD      0.7362    0.000    -0.07%       +0.14%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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