February 9, 2017 / 2:37 AM / in 8 months

GRAINS-Soybeans fall from two-week high ahead of USDA report

    SYDNEY, Feb 9 (Reuters) - U.S. soybeans fell for the first
time in four sessions on Thursday, retreating from a two-week
high touched in the previous session, as traders squared
positions ahead of a widely watched U.S. government report.
         
    FUNDAMENTALS  
    * The most active soybeans futures on the Chicago Board Of
Trade fell 0.33 percent to $10.55-1/4 a bushel, having
firmed 1.5 percent on Wednesday when prices hit a high of
$10.59-3/4 a bushel - the highest since Jan. 24.
    * The most active corn fell 0.34 percent to $3.69-1/2
a bushel, having gained 0.6 percent in the previous session when
prices hit a high of $3.71 a bushel, the highest since Jan. 24.
    * The most active wheat fell 0.17 percent to $4.31-3/4
a bushel, having closed up 0.4 percent on Wednesday. 
    * Soybeans draw support from speculation that China, which
imports roughly two-thirds of global soy exports, has bought
several U.S. bulk cargoes.
    * The U.S. Department of Agriculture in its monthly supply
and demand report due at midday on Thursday was expected to trim
its U.S. and global soybean ending stocks estimate and make
minor adjustments to its corn and wheat outlooks, according to a
Reuters poll of analysts. 
         
    MARKET NEWS  
    * The dollar drooped against its peers early on Thursday,
hovering near a 10-week low versus the yen, with a slide in U.S.
Treasury yields amid investor flight to safety taking a toll on
the currency.  
    * Oil prices stabilised on Thursday, boosted by an
unexpected draw in U.S. gasoline inventories, although bloated
crude supplies meant that fuel markets remained under pressure.
  
    * The S&P 500 ended slightly higher on Wednesday as
investors digested mixed earnings reports, while the Dow Jones
Industrial Average slipped as bank stocks weighed.  
    
    DATA (GMT)
0700  Germany   Trade data              Dec 
1330  US        Jobless claims          weekly 
1500  US        Wholesale inventories   Dec 
    
    
 Grains prices at  0210 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   431.75    -0.75   -0.17%       +1.29%   412.31    58
 CBOT corn    369.50    -1.25   -0.34%       +3.14%   355.98    60
 CBOT soy    1055.25    -3.50   -0.33%       +1.44%  1026.71    61
 CBOT rice      9.56    $0.00   +0.00%       -4.26%    $9.78    47
 WTI crude     52.51    $0.17   +0.32%       -0.94%   $52.36    44
 Currencies                                                       
 Euro/dlr     $1.068   $0.008   +0.75%       +0.37%               
 USD/AUD      0.7620    0.015   +1.94%       +1.61%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Michael Perry)
  

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