March 20, 2012 / 12:46 AM / 5 years ago

REFILE-GRAINS-US corn lower, soy eyeing LatAm truckers strike

(Fixes headline)	
    SYDNEY, March 20 (Reuters) - U.S. corn futures edged lower in early trade on
Tuesday on profit-taking after scaling multi-month highs on export demand and
supply worries in earlier sessions.	
    Wheat was little changed after falling 3 percent on weather concerns.
Soybean futures were steady after rallying for five straight weeks on robust
U.S. exports, especially to top buyer China. However, focus will be on the
truckers strike in Argentina.	
           	
 FUNDAMENTALS  	
    * Traders said CBOT soybeans were over-bought and are due for a partial
setback at least. Front-month May soybeans reached an overnight high of
$13.78, the highest spot price since Sept. 15, 2011.  	
   * Argentina's grains truckers called an indefinite strike on Monday to demand
higher pay rates, just as the country starts its key soy harvesting season.
 	
   * Corn and soybeans faced pressure from softening cash markets amid scattered
farmer sales and unseasonal mild weather that should favor an early start to
corn planting in the United States, the world's biggest supplier.	
    * Some traders say negative news could spark heavy liquidation ahead of the
U.S. Department of Agriculture's March 30 reports on planting intentions and
quarterly stocks..	
    * The plantings report will be the first survey-based estimate of corn and
soybean acreage in the United States. With corn seeding expected sooner than
usual, the data could be more accurate than usual.	
	
   MARKET NEWS  	
   * The euro climbed to a more than one-week high against the dollar on Monday
after an orderly auction of Greek default insurance supported views that
Greece's threat to the euro zone has diminished.  	
   * Brent crude prices edged lower on Monday on rising output from Saudi Arabia
and Libya, while refinery problems helped push U.S. crude higher.  	
   * The S&P 500 extended its rally on Monday to climb within 10 percent of its
historic closing high, after Apple said it would pay a $10 billion annual
dividend and buy back stock.  	
    	
    Data/Events	
1145  U.S.      ICSC chain stores yy       Weekly  	
1230  U.S.      Build permits: change mm   Dec      	
1230  U.S.      House starts mm: change    Dec     	
1230  U.S.      Housing starts number mm   Feb      	
2030  U.S.      API weekly crude stocks    Mar 16   	
2030  U.S.      API weekly dist. stocks    Mar 16   	
2030  U.S.      API weekly gasoline stk    Mar 16  	
    	
                                                                                                                                          
  Grains prices at  0025 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     652.00    -0.25  -0.04%    -2.98%     652.82   47
  CBOT corn      662.25    -1.25  -0.19%    -1.60%     648.30   50
  CBOT soy      1367.50     1.00  +0.07%    -0.47%    1304.88   77
  CBOT rice      $14.62    $0.01  +0.10%    +0.58%     $14.35   68
  WTI crude     $107.80   -$0.29  -0.27%    +0.69%    $105.00   62
  Currencies                                                
  Euro/dlr       $1.324   $0.000  -0.02%    +0.47%
  USD/AUD         1.060   -0.001  -0.10%    +0.12%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
                                                                                                                                          
                                                                                                                                          
 	
 (Reporting by Pauline Askin, editing by Ramya Venugopal)

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