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GRAINS-Soybeans edge lower, linger near two-week low
March 9, 2017 / 3:37 AM / 9 months ago

GRAINS-Soybeans edge lower, linger near two-week low

    * Soybeans under pressure from large S.American production
    * Corn edges higher, despite ample global supplies
    * Wheat firms for first time in three sessions

    By Colin Packham
    SYDNEY, March 9 (Reuters) - U.S. soybeans fell for a fourth
consecutive session on Thursday to hit a two-week low amid
expectations of ample South American production. 
    Corn edged higher, rebounding from a 9-day low. Wheat gained
a little ground.
    The most active soybean futures on the Chicago Board of
Trade fell 0.17 percent to $10.20 a bushel, near the
session low of 10.16-3/4 a bushel - the lowest since Feb. 23.
Soybeans closed down 0.34 percent on Wednesday. 
    Analysts said forecasts of ample South American production
continued to weigh on prices, though losses were checked
somewhat by signs of an uptick in international demand. 
    "While we don't see soybeans sustaining higher prices, any
downside will probably be limited by growing demand," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
    "China's February soybean imports, while a little lower than
what the analysts had expected, were still at the highest level
for the month in seven years," he said. 
    The most active corn futures rose 0.3 percent to
$3.73-1/4, having closed down 1 percent in the previous session,
 when prices hit a low of $3.71-3/4 a bushel - the lowest since
Feb. 28.
    While edging higher, analysts said corn also continues to be
pressured by production outlooks from South America.
    Argentina's Rosario Exchange raised its forecasts for the
2016/17 soy and corn crops on Wednesday, citing better than
expected yields and improving weather in late February. 
    The soybean crop is now seen at 56 million tonnes, up from
54.5 million tonnes previously. The Exchange's report also
raised the corn crop outlook to 38 million tonnes from 36.5
million tonnes previously.
    On Thursday, the U.S. Department of Agriculture will issue
its latest outlook for South American crops in a monthly report
on supply and demand. 
    Analysts on average were expecting the report to peg Brazil
soy production at 105.95 million tonnes and corn output at 87.78
million tonnes. 
    The most active wheat futures rose 0.3 percent to
$4.48-1/4 a bushel, having closed down 2.1 percent on Wednesday.
    Farming agency FranceAgriMer increased its forecast for
French soft wheat stocks this season for the second month in a
row, with increased imports and reduced export prospects within
the European Union outweighing improving exports elsewhere.
 Grains prices at  0231 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   448.50    1.50   +0.34%       -1.75%   451.13   42
 CBOT corn    373.25    1.00   +0.27%       -0.73%   374.83   43
 CBOT soy    1020.00   -1.75   -0.17%       -0.51%  1044.14   36
 CBOT rice      9.63  -$0.01   -0.10%       +1.05%    $9.73   50
 WTI crude     50.62   $0.34   +0.68%       -4.74%   $53.17   27
 Euro/dlr     $1.054  $0.000   +0.02%       -0.23%              
 USD/AUD      0.7523   0.000   -0.04%       -0.80%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Tom Hogue)

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