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GRAINS-Soybeans rebound from 2-wk low, global supplies cap gains
May 15, 2017 / 1:44 AM / 2 months ago

GRAINS-Soybeans rebound from 2-wk low, global supplies cap gains

3 Min Read

    SYDNEY, May 15 (Reuters) - U.S. soybeans edged higher on
Monday, rebounding from a two-week low touched in the previous
session, although forecasts for ample global supplies kept the
gains in check.
         
    FUNDAMENTALS  
    * The most active Chicago Board Of Trade March soybeans
 rose 0.31 percent to $9.66 a bushel, having closed down
0.34 percent on Friday when prices hit a low of $$9.60-1/2 a
bushel - the lowest since May 1.
    * The most active corn little changed at $3.70-3/4 a
bushel, having gained 0.5 percent in the previous session.
    * The most active wheat fell 0.7 percent to $4.29-3/4
a bushel, having closed down 0.2 percent on Friday. 
    * Forecasts for dry weather across key U.S. growing regions
should allow farmers to finish sowing.   
    * Informa Economics lowered its projection of U.S. 2017 corn
plantings to 89.7 million acres, trade sources said, below the
U.S. Department of Agriculture's March 31 figure of 90.0 million
acres.
    * Informa raised its forecast of U.S. 2017 soybean plantings
to 89.662 million acres, above the USDA's March figure of 89.5
million acres. 
    *  Brazil's statistics agency Conab on Thursday raised its
estimate of the country's 2016-17 crop to a record of 113
million tonnes, from 110.2 million last month.
         
    MARKET NEWS  
    * The dollar started the week on the defensive on Monday,
after U.S. economic data came in shy of expectations and another
missile test by North Korea over the weekend underpinned the
perceived safe-haven yen.  
    * Oil prices held steady on Monday, supported by
expectations that OPEC and Russia have agreed to extend a
production cut beyond the first half of this year.  
    
    DATA AHEAD (GMT) 
0200  China               Industrial output                  Apr
0200  China               Retail sales                       Apr
0200  China               Urban investment                   Apr
1230  U.S.                New York Fed manufacturing         May
1400  U.S.                NAHB housing market index          May
    
    
 Grains prices at  0131 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   429.75    -3.00   -0.69%       -0.92%  437.88    56
 CBOT corn    370.75    -0.25   -0.07%       +0.41%  370.01    61
 CBOT soy     966.00     3.00   +0.31%       -0.03%  961.83    61
 CBOT rice     10.45    $0.04   +0.38%       -1.79%  $10.13    76
 WTI crude     47.88    $0.04   +0.08%       +0.10%  $49.68    51
 Currencies                                                      
 Euro/dlr     $1.093   $0.000   -0.02%       +0.60%              
 USD/AUD      0.7393    0.001   +0.11%       +0.23%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  

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