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REFILE-GRAINS-Soybeans edge higher, gains capped by South American outlook
February 5, 2015 / 2:32 AM / 3 years ago

REFILE-GRAINS-Soybeans edge higher, gains capped by South American outlook

(Corrects grammatical typo in headline)
    * Soybeans rebound slightly from heavy losses on Wednesday
    * Corn eases, under pressure from ample global stocks
    * Wheat falls, shrugs off signs of increased demand

    By Colin Packham
    SYDNEY, Feb 5 (Reuters) - U.S. soybeans edged higher on
Thursday, recovering slightly from losses of more 1.5 percent,
although favorable weather conditions in Brazil kept a lid on
gains.
    Corn edged lower, extending losses into a second session,
while wheat also fell.
    Chicago Board of Trade March soybeans rose 0.1 percent
to 9.73 a bushel, having closed down 1.5 percent in the previous
session.
    However, analysts said the outlook for Brazilian supplies
would likely cap any gains.
    "The Brazilian Real continuing to tumble - improving the
competitiveness of Brazil's soybeans - to close on near-decade
lows," said Tobin Gorey, director of agricultural strategy for
Commonwealth Bank of Australia, said in a note to clients.
    "Weather forecasters continue to expect timely rainfall in
most Brazilian crop areas. Brazil's dry north-east should see
substantial falls of rain starting Friday."  
    March corn futures fell 0.2 percent to $3.82-3/4 a
bushel, after ending the previous session down 0.6 percent.
    Analysts said corn continues to come under pressure from
ample global supplies and signs of slowing ethanol demand.
    U.S. Energy Information Administration data 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.
    March wheat eased 0.4 percent to $5.08-3/4 a bushel.
The grain closed down 0.5 percent on Wednesday after earlier
touching a one-week high of $5.21-3/4 a bushel.
    Wheat continues to shrug off support from signs of increased
demand. 
    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. 
        
  Grains prices at  0211 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     508.75    -2.25  -0.44%    -0.97%     552.10   37
  CBOT corn      382.75    -0.75  -0.20%    -0.78%     391.22   51
  CBOT soy       973.00     1.00  +0.10%    -1.42%    1006.42   46
  CBOT rice      $10.29    $0.04  +0.34%    -0.96%     $11.30   24
  WTI crude      $48.94    $0.49  +1.01%    -7.75%     $49.17   52
  Currencies                                                
  Euro/dlr       $1.135   $0.001  +0.07%    -1.11%
  USD/AUD         0.778    0.003  +0.37%    -0.17%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)

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