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GRAINS-Soybeans hit 6-week low, head for second weekly loss
February 24, 2017 / 2:49 AM / 7 months ago

GRAINS-Soybeans hit 6-week low, head for second weekly loss

    SYDNEY, Feb 24 (Reuters) - U.S. soybean futures held steady on Friday after
hitting a six-week low on forecasts of plentiful global supplies, and were
headed for their second straight weekly fall. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade down 2
percent this week, extending falls over the past two weeks to nearly 5 percent.
    * Soybeans hit a low of $10.09-1/2 a bushel on Friday, the lowest since Jan.
12.
    * The most active corn futures down nearly 1 percent for the week, the
second straight weekly fall.
    * The most active wheat futures up more than 2.5 percent for the week,
recouping all the losses from the previous week.
    * The U.S. Department of Agriculture at its annual outlook conference
projected U.S. soybean plantings for 2017 at 88.0 million acres, a record high
if realised. The figure was just above an average of trade expectations in a
Reuters poll for 87.6 million acres.
    * Agroconsult, a Brazilian consultancy, on Wednesday raised its forecast for
the country's 2016-17 soy crop to 107.8 million tonnes, up from its Feb. 8
estimate of 105.3 million tonnes.
    * USDA projected U.S. 2017 plantings at 90 million acres, down 4.3 percent
from 2016 and below an average of trade expectations in the Reuters poll for
91.0 million acres.
    * The USDA projected U.S. total wheat plantings for the 2017 harvest at 46.0
million acres, below an average of trade expectations in a Reuters poll for
46.85 million acres.
    * Argentina will likely harvest a record-large 18.3 million tonnes of wheat,
Agriculture Minister Ricardo Buryaile said. The USDA currently forecasts
Argentina's crop at 15 million tonnes. 
         
    MARKET NEWS  
    * The dollar clawed back some ground on Friday after skidding to a two-week
low against the yen, but was still on track for weekly losses after the Federal
Reserve meeting minutes disappointed dollar bulls.  
    * U.S. oil prices fell on Friday after government data released late on
Thursday showed stockpiles rose last week for a seventh straight week, although
losses were muted as inventory growth was well below expectations.  
    * U.S. stocks edged higher on Thursday, buoyed by energy stocks and a
renewed pledge by President Donald Trump to chief executives of major U.S.
companies to bring back millions of jobs to the United States.  
    
    DATA AHEAD (GMT) 
0745  France           Consumer confidence             Feb 
1500  U.S.             New home sales                  Jan 
        
 Grains prices at  0218 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   453.00    -0.50   -0.11%       -0.82%   449.17    46
 CBOT corn    365.25    -0.25   -0.07%       -1.55%   367.18    40
 CBOT soy    1011.50     0.00   +0.00%       -1.10%  1044.76    30
 CBOT rice      9.43   -$0.04   -0.42%       -0.32%    $9.62    46
 WTI crude     54.34   -$0.11   -0.20%       +1.40%   $53.06    62
 Currencies                                                       
 Euro/dlr     $1.057  -$0.001   -0.09%       +0.14%               
 USD/AUD      0.7704   -0.001   -0.12%       +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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