Reuters logo
6 months ago
GRAINS-Soybeans edge up from 6-day low, S.America output caps gains
February 15, 2017 / 2:00 AM / 6 months ago

GRAINS-Soybeans edge up from 6-day low, S.America output caps gains

    SYDNEY, Feb 15 (Reuters) - U.S. soybean futures on Wednesday
edged away from a six-day low touched the session before,
although expectations for ample South American production kept a
lid on gains.
         
    FUNDAMENTALS  
    * The most active soybeans futures on the Chicago Board of
Trade rose 0.1 percent to $10.46 a bushel. They closed
down 0.9 percent on Tuesday, after touching their lowest since
Feb. 8 at $10.42-1/2 a bushel.
    * The most active corn futures were unchanged at
$3.74-1/4 a bushel, having ended the last session down 0.3
percent.
    * The most active wheat futures climbed 0.1 to $4.50 a
bushel, after closing the previous day down 0.6 percent. 
    * Soybean prices have been pressured by expectations of
bumper harvests in Brazil and Argentina that will boost
competition for U.S. supplies.
    * Brazil's 2016-17 corn crop should reach a record 89.6
million tonnes as analysts raised expected yields due to
favourable weather, according to a Reuters poll.
    * U.S. farmers have made advance sales of up to half the
soybeans they expect to harvest this year, looking to get ahead
of the expected record South American crop.
             
    MARKET NEWS  
    * The dollar stood tall on Wednesday after Federal Reserve
Chair Janet Yellen signalled a faster pace of U.S. interest rate
increases at her two-day testimony before Congress.  
    * Oil prices pared gains after the settlement Tuesday, as
evidence of surging U.S. crude oil stockpiles underscored
concerns that shale production might limit the effectiveness of
an OPEC-led effort to cut global output.  
    * Major U.S. stock indexes established record highs on
Tuesday, led by bank stocks after Yellen said it would be unwise
to wait too long to raise interest rates.  
   
     DATA/EVENT AHEAD (GMT) 
1000  Euro zone       Eurostat trade                     Dec  
1330  U.S.            Consumer prices                    Jan 
1330  U.S.            New York Fed manufacturing         Feb 
1330  U.S.            Retail sales                       Jan 
1415  U.S.            Industrial production              Jan 
1500  U.S.            Business inventories               Dec 
1500  U.S.            NAHB housing market index          Feb 
1500  Federal Reserve Chair Janet Yellen delivers semiannual
monetary testimony before the House Financial Services Committee
 
        
 Grains prices at  0131 GMT
 Contract        Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    450.00    0.50   +0.11%       -0.50%   430.15    69
 CBOT corn     374.25    0.00   +0.00%       -0.33%   365.08    67
 CBOT soy     1046.00    1.00   +0.10%       -0.78%  1041.08    53
 CBOT rice       9.43  -$0.01   -0.11%       -0.63%    $9.68    39
 WTI crude      53.01  -$0.19   -0.36%       +0.15%   $52.82    48
 Currencies                                                       
 Euro/dlr      $1.058  $0.000   -0.02%       -0.21%               
 USD/AUD       0.7663   0.000   +0.04%       +0.33%               
 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)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below