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GRAINS-Soybeans rebound on Brazilian crop delays, wheat eases for 2nd day
March 3, 2017 / 2:50 AM / 9 months ago

GRAINS-Soybeans rebound on Brazilian crop delays, wheat eases for 2nd day

    SINGAPORE, March 3 (Reuters) - Chicago soybean futures edged
higher on Friday, rising for three out of four sessions, with
delays in Brazilian shipments underpinning the sentiment,
although bumper global supplies kept a lid on the market.
    Corn eased, but was on track for its biggest weekly gain
since October on expectations of higher ethanol production in
the United States, while wheat dipped for a second session.
    * At least 11 ships are facing delays in loading soybeans at
Brazil's northern ports after rains washed out roads and
disrupted the progress of trucks carrying beans from the
center-west region, Brazilian officials said on Thursday.

    * The Chicago Board of Trade most-active soybean contract
 was on track to finish the week with a gain of 1.4 percent
after two weeks of losses.
    * Corn rose 4.2 percent this week, its biggest weekly
gain since October, while wheat was up 0.8 percent, rising
for a second week in a row.
    * Soybeans faced pressure on Thursday as estimates of
Brazil's soy harvest continued to rise. Private analytics firm
Informa Economics raised its forecast of Brazil's crop to a
record-high 108 million tonnes, trade sources said, up 2 million
tonnes from its previous estimate.
    * The figure is above the last monthly estimate from
Brazil's government agency Conab, which put the crop at 105.6
million tonnes, and the U.S. Department of Agriculture's figure
of 104 million.
    * Growing conditions in Argentina's main soy belt were
helped over the previous seven days by showers in areas that had
suffered from a lack of ground moisture, the Buenos Aires Grains
exchange said on Thursday in its weekly crop report.
    * Corn and soyoil futures rose earlier this week, supported 
in part by reports of potential changes to U.S. biofuel policy
to boost production. Corn is the primary U.S. feedstock for
ethanol and soyoil is used in biodiesel.
    * A coalition of trade groups representing oil, biofuels and
other interests pressed the U.S. government on Thursday to deny
requests to tweak the country's biofuels program.
    * The dollar held broad gains on Friday as the risk of an
imminent U.S. interest rate hike slugged sovereign bonds and
commodities, even managing to sour Wall Street's party as the
reality of rising borrowing costs began to sink in.
0145 China Caixin services PMI Feb
0700 Germany Retail sales Jan
0850 France Markit services PMI Feb
0855 Germany Markit services PMI Feb
0900 Euro zone Markit services PMI final Feb
1000 Euro zone Retail sales Jan
1500 U.S. ISM-non manufacturing PMI Feb
1800 Federal Reserve Chair Janet Yellen speaks on U.S.
economic outlook before the Executives Club of Chicago

 Grains prices at  0228 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  451.25   -1.50    -0.33%   +1.69%       449.40   46
 CBOT corn   379.25   -0.25    -0.07%   +1.68%       374.33   53
 CBOT soy    1038.00  0.75     +0.07%   +0.22%       1051.58  48
 CBOT rice   9.65     $0.02    +0.26%   +0.84%       $9.82    40
 WTI crude   52.76    $0.15    +0.29%   -1.99%       $53.28   37
 Euro/dlr    $1.051   -$0.003  -0.32%   -0.60%                
 USD/AUD     0.7547   -0.013   -1.65%   -1.44%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Amrutha Gayathri)

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