March 13, 2017 / 1:57 AM / 6 months ago

GRAINS-Soybean prices edge away from 2-month lows

    SYDNEY, March 13 (Reuters) - U.S. soybeans on Monday inched
away from two-month lows hit in the previous session, with U.S.
Department of Agriculture forecasts of record Brazilian
production keeping gains in check.
         
    FUNDAMENTALS  
    * The most active Chicago Board of Trade soybean contract,
for March, climbed 0.3 percent to $10.09-1/4 a bushel. It
closed down 0.45 percent on Friday, after marking its lowest
since Jan. 11 at $10.03 a bushel.
    * The most active corn futures gained 0.14 percent to
$3.64-1/4 a bushel. They ended down 0.75 percent in the previous
session, having hit their weakest since Feb. 24 at $3.62-1/2 a
bushel.
    * The most active wheat futures rose 0.3 percent to
$4.41-1/2 a bushel, after closing down 0.8 percent on Friday. 
    * The USDA on Thursday raised its forecast of Brazil's
soybean crop to a record 108 million tonnes, from the 104
million predicted last month.
    * Brazilian agricultural statistics agency Conab on Thursday
raised its estimate for the country's 2016/17 soybean crop to
107.6 million tonnes, more than 2 million tonnes above its
previous forecast.
    * The USDA raised its forecast of global 2016/17 corn ending
stocks to 220.68 million tonnes, above the average trade
estimate and up from 217.56 million last month.
    * Freezing temperatures next week could threaten soft red
winter wheat in about 10 percent of the U.S. Midwest crop belt,
where a recent warm spell advanced the crop's development, an
agricultural meteorologist said.
         
    MARKET NEWS  
    * The euro edged up near a one-month high against the dollar
in Asian trading on Monday, after some European Central Bank
policymakers raised the possibility of hiking interest rates
before bond purchases end.  
    * Oil prices dropped to their lowest in three months on
Monday despite OPEC efforts to curb crude output, dragged down
as U.S. drillers kept adding rigs.  

    DATA AHEAD (GMT) 
0700  Germany               Trade data                    Jan 
0700  Germany               Wholesale price index         Feb 
0745  France                Industrial output             Jan 
0930  Britain               Industrial output             Jan 
1330  U.S.                  Nonfarm payrolls              Feb 
1330  U.S.                  Unemployment rate             Feb 
        
 Grains prices at  0130 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   441.50     1.00   +0.23%       -0.56%   451.09    38
 CBOT corn    364.75     0.50   +0.14%       -0.61%   374.29    33
 CBOT soy    1009.25     2.75   +0.27%       -0.17%  1040.34    31
 CBOT rice      9.69    $0.00   +0.00%       +0.52%    $9.72    60
 WTI crude     48.06   -$0.43   -0.89%       -2.48%   $52.78    14
 Currencies                                                       
 Euro/dlr     $1.068   $0.001   +0.12%       +1.01%               
 USD/AUD      0.7545    0.001   +0.07%       +0.55%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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