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GRAINS-Wheat prices fall from 7-mth high, US forecasts curb losses
February 13, 2017 / 2:28 AM / in 8 months

GRAINS-Wheat prices fall from 7-mth high, US forecasts curb losses

    SYDNEY, Feb 13 (Reuters) - U.S. wheat edged down on Monday
to retreat from a seven-month high touched in the previous
session, but U.S. government forecasts of smaller-than-expected
global supply kept a floor under prices.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade dropped 0.4 percent to $4.47-1/4 a bushel. They
closed up 1.2 percent on Friday, after hitting their strongest
since July 13 at $4.50-3/4.
    * The most active corn futures eased 0.2 percent to
$3.73-1/4 a bushel. They gained 1.4 percent in the previous
session, when they marked their highest since July 14 at
$3.75-1/2.
    * The most active soybean futures fell 0.3 percent to
$10.55-3/4 a bushel. They closed up 0.8 percent on Friday, after
hitting their highest since Jan. 24 at $10.63-1/2.
    * Wheat and corn draw support from a cut in the U.S.
Department of Agriculture's supply forecasts for the 2016/17
season.
    * The government reduced its corn supply outlook due to
increased use in ethanol production and held its U.S. soybean
forecast steady.
    * The USDA cut its estimate of world wheat ending stocks for
2016-17, largely due to reduced harvest estimates for India and
Kazakhstan, although global inventories would still be at a
record.
         
    MARKET NEWS  
    * The dollar gained against the yen early on Monday, with
the market breathing a sigh of relief as the closely watched
two-day U.S.-Japan summit held over the weekend was seen to have
ended smoothly.  
    * Oil prices dipped on Monday on signs that global fuel
markets remained bloated despite OPEC-led crude production cuts
that have been more successful than most initially expected.
  
    
 Grains prices at  0146 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  447.25   -1.75    -0.39%   +0.85%       427.15   70
 CBOT corn   373.75   -0.75    -0.20%   +1.15%       363.67   67
 CBOT soy    1055.75  -3.25    -0.31%   +0.50%       1038.06  61
 CBOT rice   9.54     -$0.03   -0.31%   +0.63%       $9.69    47
 WTI crude   53.73    -$0.13   -0.24%   +1.38%       $52.84   58
 Currencies                                                   
 Euro/dlr    $1.062   -$0.002  -0.14%   -0.29%                
 USD/AUD     0.7664   0.000    -0.07%   +0.55%                
 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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