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GRAINS-U.S. soybeans edge higher for first time in three sessions
September 11, 2013 / 1:03 AM / 4 years ago

GRAINS-U.S. soybeans edge higher for first time in three sessions

By Colin Packham
    SYDNEY, Sept 11 (Reuters) - U.S. soybeans rose for the first
time in three sessions, edging higher on bargain buying, but
trading remains muted ahead of a monthly crop report expected to
show cuts to production forecasts due to recent unfavorable
weather.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade November soybeans rose 0.2
percent to $13.58 a bushel, having closed down 0.1 percent on
Tuesday.
    * December corn fell 0.4 percent to $4.67-1/4 a
bushel, having closed up 1.2 percent in the previous session.
    * December wheat was little changed at $6.47 a bushel,
having closed up 0.8 percent on Tuesday. 
    * Light showers will fall in parts of the Midwest this week
and showers next week are expected to help boost yield prospects
for later maturing soybeans, according to MDA Weather Services.
 
    * Traders are waiting for updated signals about the autumn
harvests from the U.S. Department of Agriculture, which is set
to release a monthly crop production report on Thursday.
    * The USDA is expected to trim its soybean yield estimate to
41.2 bushels per acre from 42.6 bushels in August, according to
a Reuters poll. Analysts project USDA will cut its estimate for
the average corn yield to 153.7 bushels, down from the 154.4
bushels forecast in August. 
    * Argentina is set to raise the limit of 2012/13 corn
exports by about 3 million tonnes from the current ceiling of 17
million, Buenos Aires-based government and market sources told
Reuters on Tuesday. 
    * Taiwan signed a letter of intent on Tuesday to buy 5
million tonnes of U.S. corn over the next two
years. 
         
    MARKET NEWS  
    * The euro held steady around a more than one-week high in
early Asian trade on Tuesday, as risk appetite ticked up after a
Russian proposal on Syria raised the chance that a U.S. military
strike would be delayed or averted.  
    * Oil prices on both sides of the Atlantic fell by more than
$2 a barrel on Tuesday as Syria accepted a Russian proposal to
give up its chemical weapons, easing concerns about the
potential for U.S. military strikes against Damascus.  
    * U.S. stocks rose on Tuesday, with the S&P 500 index
advancing for its longest stretch since early July, as an
alternative proposal emerged that could avert a possible Western
military strike on Syria.  
    
     DATA/EVENTS (GMT) 
1100  U.S.     Weekly mortgage market index     
1400  U.S.     Wholesale inventories            
1430  U.S.     EIA weekly crude stocks          
      
  Grains prices at  0022 GMT
  Contract        Last    Change  Pct chg  MA 30   RSI 
  CBOT wheat     647.00     0.50  +0.08%    653.58   44
  CBOT corn      467.25    -1.75  -0.37%    469.83   32
  CBOT soy      1358.00     3.00  +0.22%    1281.43  50
  CBOT rice      $15.44    $0.00  +0.00%    $15.36   38
  WTI crude     $107.12   -$0.27  -0.25%    $106.92  45
  Currencies                                                
  Euro/dlr       $1.327   $0.001  +0.10%    
  USD/AUD         0.930    0.007  +0.75%    
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
  

 (Editing by Richard Pullin)

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