February 21, 2017 / 2:28 AM / 7 months ago

GRAINS-Soybeans rebound from 15-session low as rains hit Argentina

    SYDNEY, Feb 21 (Reuters) - U.S. soybeans rose 1 percent on Tuesday,
rebounding from a more than two-week low hit in the previous session, as heavy
rains in Argentina over the weekend stoked concerns over potential yield losses.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade rose
0.94 percent to $10.42-1/4 a bushel, having closed down 1.1 percent on Friday
when prices hit a low of $10.31 a bushel - the lowest since Feb. 6.
    * The most active corn futures rose 0.54 percent to $3.70-1/4 a
bushel, having closed down 1.4 percent on Friday.
    * The most active wheat futures fell 0.23 percent to $4.40 a bushel,
having closed down 1.5 percent on Friday. 
    * Heavy rains over the weekend soak some soybean crops in Argentina, though
local analysts said moisture earlier in the week was beneficial.
    * Brazil's soybean harvest reached 24.8 percent of planted area by Feb. 17,
above the five-year average of 17.1 percent for this time of the year, Safras &
Mercado consultancy said on Monday.
    * The U.S. Commodity Futures Trading Commission's weekly Commitment of
Traders report, released after the close of the market on Friday, showed
speculators expanded their net long position in CBOT corn futures to nearly
81,000 contracts in the week to Feb. 14, their biggest net long since July.

    * Traders await fresh acreage forecasts from the U.S. Department of
Agriculture's annual outlook forum this week.
    * U.S. wheat was bypassed in an international tender on Friday when Egypt's
state grain buyer, the General Authority for Supply Commodities (GASC), bought
360,000 tonnes of lower-priced Russian, Ukrainian and Romanian wheat.

         
    MARKET NEWS  
    * The euro was on the defensive on Tuesday, under pressure from fears that
the French Presidential election could upset the status quo, as rising
anti-establishment sentiment surfaced after last year's Brexit and the U.S.
election.  
    * U.S. crude futures rose for a second day on Tuesday, with data showing
hedge funds are betting big across oil markets following OPEC production cuts
agreed last year.  

    DATA AHEAD (GMT) 
0800  France         Markit manufacturing flash PMI          Feb 
0830  Germany        Markit manufacturing flash PMI          Feb 
0900  Euro zone      Markit manufacturing flash PMI          Feb 
1445  U.S.           Markit manufacturing flash PMI          Feb 
    
    
 Grains prices at  0159 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   440.00    -1.00   -0.23%       -1.73%   432.33    49
 CBOT corn    370.25     2.00   +0.54%       -0.87%   366.33    51
 CBOT soy    1042.25     9.75   +0.94%       -0.14%  1044.78    51
 CBOT rice      9.37    $0.04   +0.37%       +0.32%    $9.64    41
 WTI crude     53.71    $0.31   +0.58%       +0.66%   $52.81    61
 Currencies                                                       
 Euro/dlr     $1.058  -$0.002   -0.24%       -0.25%               
 USD/AUD      0.7671   -0.001   -0.20%       +0.03%               
 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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