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GRAINS-Soybeans rise from 2-week low on concerns over Argentina rains
February 21, 2017 / 3:34 AM / 7 months ago

GRAINS-Soybeans rise from 2-week low on concerns over Argentina rains

    * Soybeans up 1 pct, potential yield loss after rains in
Argentina
    * Wheat eases for third session on poor demand for U.S.
cargoes

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Feb 21 (Reuters) - Chicago soybean futures gained
almost 1 percent on Tuesday as the market recovered from its
lowest in more than two weeks with rains in Argentina raising
concerns over potential decline in yields.
    Wheat slid for a third consecutive session on lack of demand
for U.S. shipments, while corn rose around half a percent
following two sessions of losses.
    The Chicago Board Of Trade most-active soybean contract
 rose 0.9 percent to $10.41-1/2 a bushel by 0307 GMT,
having closed down 1.1 percent on Friday when prices hit a low
of $10.31 a bushel - the weakest since Feb. 6.
    Corn rose 0.4 percent to $3.69-3/4 a bushel, having
closed down 1.4 percent on Friday and wheat fell 0.3
percent to $4.39-3/4 a bushel, adding to 1.5 percent decline on
Friday.
    "South America is very a important region for soybeans and
when you see reports of weather and flooding, you are going to
get a price response," said Phin Ziebell, agribusiness economist
at National Australia Bank.
    "How much of that results in yield losses remains to be
seen."
    Heavy rains over the weekend soaked 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, said Safras & Mercado consultancy 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.
    India's wheat imports from Russia, France and Ukraine could
come to a halt after March, as New Delhi has asked exporters to
fumigate their cargoes with methyl bromide, an insect control
gas banned in Europe and the Black Sea region.
    Currently, food shipments are fumigated at India's ports.
After March 31, the plant quarantine authority will only accept
cargoes fumigated with methyl bromide at the country of export.
    
 Grains prices at  0307 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  439.75   -1.25    -0.28%   -3.30%       431.73   49
 CBOT corn   369.75   1.50     +0.41%   -2.38%       365.98   50
 CBOT soy    1041.50  9.00     +0.87%   -1.86%       1043.50  50
 CBOT rice   9.41     $0.07    +0.75%   +0.16%       $9.66    46
 WTI crude   53.73    $0.33    +0.62%   +0.69%       $52.81   61
 Currencies                                                   
 Euro/dlr    $1.058   -$0.003  -0.28%   -0.85%                
 USD/AUD     0.7673   0.000    +0.05%   -0.27%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Gopakumar Warrier)
  

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