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

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

    * Soybeans up for 3 out of 4 days on Brazilian crop delays
    * Corn poised for biggest weekly gain since Oct; wheat falls

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, March 3 (Reuters) - Chicago soybean futures edged higher on Friday, rising for
three out of four sessions, with delays in Brazilian shipments underpinning sentiment, although
bumper global supplies kept a lid on the market.
    Corn was little changed, but the market 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 centre-west
region, Brazilian officials said on Thursday.
    "The export flow may pick up again next week, provided weather conditions have allowed
enough road repairs to take place," said Tobin Gorey, director of agricultural strategy at
Commonwealth Bank of Australia.
    The Chicago Board of Trade most-active soybean contract was on track to finish the
week with a gain of 1.3 percent after two weeks of losses.
    Corn has risen 4.2 percent this week, its biggest weekly gain since October, while
wheat was up 0.7 percent on week, 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 nearly 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 tonnes.
    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.
 Grains prices at  0316 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  451.00   -1.75    -0.39%   +1.63%       449.39   46
 CBOT corn   379.50   0.00     +0.00%   +1.74%       374.34   53
 CBOT soy    1038.50  1.25     +0.12%   +0.27%       1051.60  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    $1.052   -$0.003  -0.27%   -0.55%                
 USD/AUD     0.7552   -0.012   -1.59%   -1.37%                
 Most active contracts
 Wheat, corn and soy: US cents/bushel. 
 Rice: USD per hundredweight
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Amrutha Gayathri and Biju Dwarakanath)

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