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GRAINS-Soybean prices rise from 3-wk low, but ample supply caps gains
February 22, 2017 / 2:37 AM / 6 months ago

GRAINS-Soybean prices rise from 3-wk low, but ample supply caps gains

    SYDNEY, Feb 22 (Reuters) - U.S. soybean prices rose on
Wednesday to move away from a three-week low touched the session
before, but gains were checked as favourable growing weather in
South America stoked expectations of ample global supply.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade, for March, gained 0.3 percent to $10.29-1/2 a
bushel. They closed down 0.6 percent on Tuesday, after marking
the lowest since Feb. 1 at $10.26 a bushel.
    * The most active corn futures climbed 0.2 percent to
$3.70 a bushel, having climbed 0.3 percent in the previous
session, when prices hit their weakest since Feb. 8 at
$3.66-1/2.
    * The most active wheat futures were little changed at
$8.81-3/4 a bushel. They ended down 1.1 percent on Tuesday, when
prices touched their lowest since Feb. 9 at $4.35. 
    * Local weather analysts said heavy weekend rains in
Argentina would probably benefit crops, easing earlier fears
that the damp could threaten yields.
    * Favourable weather in Brazil, which is forecast to harvest
a record-large soybean crop, added to bearish sentiment on
prices.
    * Weekly export data from the U.S. Department of Agriculture
supported wheat prices. 
    * The government reported export inspections of U.S. wheat
in the latest week at 558,252 tonnes, topping a range of trade
expectations for 350,000 to 550,000 tonnes.

    * The USDA on Tuesday said private exporters in the last day
had sold 111,200 tonnes of U.S. corn to unknown destinations. 
         
    MARKET NEWS  
    * The dollar edged down in Asian trading on Wednesday as
investors awaited the minutes of the Federal Reserve's latest
meeting for clues on the pace of interest rate hikes.  
    * U.S. oil prices held near seven-week highs on Wednesday
after OPEC signalled optimism over its deal with other producers
including Russia to curb production.  
    * U.S. stocks rose to record highs on Tuesday, boosted by
strong earnings reports from Wal-Mart and Home Depot and
continued optimism about the economic agenda of President Donald
Trump.  
    
    DATA AHEAD (GMT) 
0130  China          House prices                        Jan 
0900  Germany        Ifo business climate                Feb  
0930  Britain        GDP 2nd release                     Q4 
1500  U.S.           Existing home sales                 Jan 
1900  Minutes of Federal Reserve's Jan. 31-Feb. 1 meeting 
            
 Grains prices at  0154 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   437.75     1.75   +0.40%       -0.74%   432.55    47
 CBOT corn    370.00     0.75   +0.20%       +0.48%   366.63    49
 CBOT soy    1029.50     3.25   +0.32%       -0.29%  1045.06    43
 CBOT rice      9.43    $0.00   +0.00%       +0.96%    $9.64    49
 WTI crude     54.44    $0.11   +0.20%       +1.95%   $52.90    67
 Currencies                                                       
 Euro/dlr     $1.055   $0.002   +0.16%       -0.54%               
 USD/AUD      0.7693    0.002   +0.25%       +0.09%               
 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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