February 5, 2015 / 1:42 AM / 3 years ago

GRAINS-Soybeans extend losses into second session

SYDNEY, Feb 5 (Reuters) - U.S. soybean futures fell for a
second session on Thursday, pushed lower by favorable weather in
key South American growing regions and a stronger dollar.
         
    FUNDAMENTALS  
    * Chicago Board of Trade March soybeans fell 0.13
percent to $9.70-3/4 a bushel, having closed down 1.5 percent on
Wednesday.
    * March corn dropped 0.33 percent to $3.82-1/4 a
bushel, after ending the previous session down 0.6 percent.
    * March wheat eased 0.3 percent to $5.09-1/2 a bushel,
having closed down 0.54 percent on Wednesday. Wheat had earlier
touched a one-week high of $5.21-3/4 a bushel.
    * Saudi Arabia, Egypt, Iraq, Jordan, Bangladesh and South
Korea have all purchased or tendered for wheat this week.
  
    * Statistics Canada also released its Dec. 31 stocks data on
Wednesday, which landed within traders' expectations. Stats
Canada said all-wheat stocks were 24.8 million tonnes, the
second-largest in 18 years. Canola supplies totalled 11.1
million tonnes, the second-highest ever, and soybean stocks
jumped 29.4 percent to a record 3.5 million tonnes.
    *  U.S. Energy Information Administration ethanol showed a
weekly drop in corn ethanol production of 30,000 barrels per day
to 948,000 bpd, the lowest output since the first week of
November 2014.
         
    MARKET NEWS  
    * The euro took a spill early on Thursday after the European
Central Bank said it would no longer accept Greek bonds as
collateral for its liquidity operations, dealing a blow to
Athens which is seeking debt relief from euro zone lenders.
  
    * U.S. crude edged up to near $49 a barrel in early Asian
trade on Thursday, rebounding slightly after losing 9 percent in
one of its biggest daily routs ever as inventories rose to a
record high.  
    * The S&P 500 and Nasdaq ended lower on Wednesday, snapping
a two-day rally as energy shares slid with oil prices and as
investor anxiety about the euro zone returned in the closing
minutes of trading.  
    
    DATA AHEAD (GMT)
0700  Germany        Industrial orders                Dec
1330  U.S.           Weekly jobless claims          
1330  U.S.           International trade              Dec
1330  U.S.           Labor costs                      Q4 
        
  Grains prices at  0114 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     509.50    -1.50  -0.29%    -0.83%     552.13   37
  CBOT corn      382.25    -1.25  -0.33%    -0.91%     391.20   51
  CBOT soy       970.75    -1.25  -0.13%    -1.65%    1006.34   44
  CBOT rice      $10.28    $0.03  +0.24%    -1.06%     $11.30   23
  WTI crude      $48.93    $0.48  +0.99%    -7.77%     $49.17   52
  Currencies                                                
  Euro/dlr       $1.133  -$0.001  -0.10%    -1.27%
  USD/AUD         0.775    0.000  +0.05%    -0.49%
  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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