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GRAINS-Soybean prices rise from 3-wk low, but ample supply caps gains
February 22, 2017 / 4:22 AM / in 9 months

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

    * Soybean gains checked by ample global supplies
    * Corn rebounds from two-week low
    * Wheat firms on strong demand for U.S. supplies

    By Colin Packham
    SYDNEY, Feb 22 (Reuters) - U.S. soybeans edged up for the
first time in four sessions on Wednesday to move away from a
three-week low, though ample global supply capped gains.
    Corn inched away from its weakest level in three weeks
touched in the previous session, while wheat prices also crept
up.
    The most active soybean futures on the Chicago Board of
Trade, for March, rose 0.1 percent to $10.27-1/4 a bushel.
They closed down 0.6 percent on Tuesday, after marking the
lowest since Feb. 1 at $10.26 a bushel.
    Analysts said soybean prices remain under pressure as heavy
rains in Argentina ease concerns about dry weather in some parts
of one of the world's top exporters of the oilseed.
    "Forecasters say some isolated flooding may have occurred in
parts of Cordoba and Entre Rios, but so far the market appears
unperturbed," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    Favourable weather in Brazil, which is forecast to harvest a
record-large soybean crop, added to bearish sentiment on prices.
    The most active wheat futures climbed 0.4 percent
to$4.37-3/4 a bushel. They ended down 1.1 percent on Tuesday,
when prices touched their lowest since Feb. 9 at $4.35.
    Weekly export data from the U.S. Department of Agriculture
(USDA) 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 most active corn futures climbed 0.3 percent to
$3.70-1/4 a bushel, having advanced 0.3 percent in the previous
session, when prices hit their weakest since Feb. 8 at $3.66-1/2
a bushel.
    The USDA on Tuesday said private exporters in the last day
had sold 111,200 tonnes of U.S. corn to unknown destinations.
        
 Grains prices at  0327 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     370.25     1.00   +0.27%       +0.54%   366.64    50
 CBOT soy     1027.25     1.00   +0.10%       -0.51%  1044.98    41
 CBOT rice       9.43    $0.00   +0.00%       +0.96%    $9.64    49
 WTI crude      54.53    $0.20   +0.37%       +2.12%   $52.90    68
 Currencies                                                        
 Euro/dlr      $1.055   $0.001   +0.11%       -0.58%               
 USD/AUD       0.7691    0.002   +0.22%       +0.07%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 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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