April 24, 2017 / 1:39 AM / 5 months ago

GRAINS-Soybeans hit 3-week high on dollar weakness

    SYDNEY, April 24 (Reuters) - U.S. soybeans rose more than
0.5 percent on Monday as a weaker dollar pushed the oilseed to a
three-week high.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.55 percent to $9.66 a bushel, near the
session high of $9.66-3/4 a bushel - the highest since March 30.
Soybeans gained 1.5 percent on Friday.
    * The most active corn futures advanced 0.7 percent to
$3.66-1/4 a bushel, having closed down 0.14 percent in the
previous session.
    * The most active wheat futures rose 0.83 percent to
$4.24-1/2 a bushel, having closed down 0.2 percent on Friday. 
    * Farming agency FranceAgriMer said on Friday that 85
percent of the French soft wheat crop was good to excellent in
the week to April 17, down from 89 percent a week earlier in the
second successive weekly decline.
    * The U.S. Agriculture Department said private exporters
reported the sale of 146,000 tonnes of soybeans for delivery to
unknown destinations during the 2016-17 marketing year. 
         
    MARKET NEWS  
    * The euro scaled five-month highs against the dollar in
early Asian trading on Monday after centrist candidate Emmanuel
Macron swept to victory in the first round of the French
presidential election, reducing the risk of an
anti-establishment shock in the final round.  
    *  Oil prices recovered some ground on Monday following last
week's big losses, driven by expectations that OPEC will extend
a pledge to cut output to cover all of 2017, although a
relentless rise in U.S. drilling capped gains.  

    DATA AHEAD (GMT) 
0800  Germany          Ifo business climate                  Apr
1230  U.S.             National activity index               Mar
1430  U.S.             Dallas Fed manufacturing index        Apr
        
 Grains prices at  0118 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   424.50     3.50   +0.83%       +4.49%  425.58    32
 CBOT corn    366.25     2.50   +0.69%       +2.38%  362.36    41
 CBOT soy     966.00     5.25   +0.55%       +2.03%  966.50    59
 CBOT rice      9.82    $0.05   +0.51%       -0.30%   $9.95    31
 WTI crude     49.88    $0.26   +0.52%       -0.78%  $50.09    34
 Currencies                                                      
 Euro/dlr     $1.085   $0.012   +1.16%       +1.27%              
 USD/AUD      0.7555    0.001   +0.17%       +0.39%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)
  

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