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GRAINS-Soybeans hit 15-day high on Argentina production concerns
May 26, 2016 / 2:12 AM / 2 years ago

GRAINS-Soybeans hit 15-day high on Argentina production concerns

SYDNEY, May 26 (Reuters) - U.S. soybeans retained strong
gains from the previous session on Thursday after earlier
hitting a 15-day high on concerns over shortfalls in Argentina's
oilseed production.
    * The most active soybean futures on the Chicago Board Of
Trade was steady at $10.85 a bushel, having earlier hit a
high of $10.88-1/4 a bushel - the strongest since May 11 when
prices hit a 21-month high of $10.91-1/2. Soybeans firmed 2.9
percent on Wednesday.
    * The most active corn futures contract fell 0.12
percent to $4.04-1/4 a bushel, having gained 1.8 percent in the
previous session.
    * The most active wheat futures contract rose 0.21
percent to $4.67 a bushel, having closed up 2.1 percent on
    * Soybeans gain support on concerns over production
shortfalls in Argentina. In April, there was flooding in key
farm areas in Argentina, the world's third-largest exporter of
unprocessed soybeans and biggest exporter of soymeal. 
    * Argentina's Rosario grains exchange cut its forecast
earlier this month for the current soybean harvest. 
    * Argentine soybean exports could fall by as much as 25
percent this year. 
    * Wheat draws support on concerns over unfavourable weather
in U.S.
    * The yen surged in early trade on Thursday, chipping away
at the recently buoyant dollar as investors looked ahead to a
speech by Federal Reserve chief Janet Yellen on whether a rate
increase is imminent and on a pending decision on a planned
sales tax hike in Japan.  
    * Oil prices inched towards $50 a barrel in early Asian
trade on Thursday, after U.S. government figures showed a
sharper-than-expected drawdown of crude stocks last week as
imports dropped.  
    * Wall Street rose robustly for a second straight session on
Wednesday, helped by higher oil prices and investors becoming
more comfortable with the prospect of an interest rate hike as
early as next month.  
1230  U.S.              Durable goods orders               Apr 
1230  U.S.              Weekly jobless claims             
1400  U.S.              Pending homes sales                Apr 

  Grains prices at  0140 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     467.00     1.00  +0.21%    +0.65%     475.46   50
  CBOT corn      404.25    -0.50  -0.12%    +1.70%     388.01   67
  CBOT soy      1085.00    -0.50  -0.05%    +2.87%    1040.65   67
  CBOT rice      $11.36    $0.13  +1.11%    -1.82%     $11.34   45
  WTI crude      $49.82    $0.26  +0.52%    +2.47%     $45.31   81
  Euro/dlr       $1.117   $0.001  +0.13%    +0.24%
  USD/AUD         0.718   -0.001  -0.19%    +0.03%
  Most active contracts
  Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
  RSI 14, exponential
 (Reporting by Colin Packham; Editing by Ed Davies)

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