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GRAINS-Soybeans edge higher, hit near two-week high
February 8, 2017 / 2:08 AM / 9 months ago

GRAINS-Soybeans edge higher, hit near two-week high

    SYDNEY, Feb 8 (Reuters) - U.S. soybeans edged up on
Wednesday to hit a near two-week high as strong demand for U.S.
supplies pushed the oilseed to its third consecutive gain.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.2 percent to $10.44-1/2 a bushel, near the
session high of $10.45-1/2 a bushel - the highest since Jan. 27.
Soybeans firmed 0.5 percent on Wednesday.
    * The most active corn futures contract was little
changed at $3.68-1/4 a bushel, having gained 1.3 percent in the
previous session.
    * The most active wheat futures contract was also
little changed at $4.30-1/2 a bushel, having closed up 2 percent
on Tuesday. 
    * Soybeans were supported by strong export demand for U.S.
supplies.
    * The U.S. Agriculture Department's monthly supply and
demand report, is set for release on Thursday.
         
    MARKET NEWS  
    * The euro nursed losses in Asian trading on Wednesday,
pressured by political woes in Europe ahead of elections that
checked its recent ascent against the dollar.  
    * Oil prices dropped on Wednesday to extend falls from the
previous day, as a massive increase in U.S. fuel inventories and
a slump in Chinese demand implied that global crude markets
remain oversupplied despite OPEC-led efforts to cut output.
  
    * The S&P 500 ended barely higher on Tuesday while the
Nasdaq managed to scratch out a new record as gains in big tech
names countered energy declines.  
    
    DATA (GMT)
1200   US   Mortgage refinancing index     weekly
        
 Grains prices at  0144 GMT
 Contract        Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    430.50    -0.25   -0.06%       +1.00%   412.27    57
 CBOT corn     368.25    -0.25   -0.07%       +2.79%   355.94    61
 CBOT soy     1044.50     1.75   +0.17%       +0.41%  1026.35    55
 CBOT rice       9.39   -$0.04   -0.37%       -5.91%    $9.77    28
 WTI crude      51.53   -$0.64   -1.23%       -2.79%   $52.32    35
 Currencies                                                        
 Euro/dlr      $1.069   $0.008   +0.80%       +0.41%               
 USD/AUD       0.7629    0.015   +2.06%       +1.73%               
 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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