March 15, 2017 / 1:45 AM / 8 months ago

GRAINS-Soybeans rise from near three-month low

    SYDNEY, March 15 (Reuters) - U.S. soybeans rose for the first time in eight sessions on Wednesday as the oilseed rebounded
from a near three-month low hit in the previous session, though expectations for abundant global supplies capped gains.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade rose 0.45 percent to $10.03-3/4 a bushel after
closing down 0.7 percent on Tuesday, when prices hit a low of $9.92 a bushel, their lowest since Dec. 27.
    * The most active corn futures rose 0.1 percent to $3.62-1/2 a bushel, having gained 0.35 percent in the previous
session after earlier hitting a low of $3.60 a bushel, their lowest since Feb. 1.
    * The most active wheat futures climbed 0.17 percent to $4.31-1/4 a bushel, having closed little changed on Tuesday
after earlier hitting a low of $4.28-1/2 a bushel, lowest since Feb. 8.
    * Soybeans under pressure from expectations of silo-busting production from South America.
    * Expectations for an expansion in U.S. soybean plantings added to bearish sentiment. A survey of farmers released by
Illinois-based research and brokerage firm Allendale Inc projected soybean plantings at 88.8 million acres, up 6.5 percent from
2016.
    * The survey put corn plantings at 90 million acres and all-wheat seedings at 45.967 million acres.
    * Chinese importers have booked at least three cargoes of U.S. corn, totaling about 195,000 tonnes, for shipment in the
late spring to early summer from the Pacific Northwest, U.S. corn export traders said on Tuesday.
    * Egypt's General Authority for Supply Commodities set a tender to buy an unspecified amount of wheat from global suppliers
for shipment between April 15 and April 25. Results are expected on Wednesday.
         
    MARKET NEWS  
    * The dollar was on tenterhooks in Asian trading on Wednesday as investors waited anxiously to see what clues the U.S.
Federal Reserve would soon reveal on its monetary policy outlook.  
    * U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after
industry data showed a surprise drawdown in U.S. crude stockpiles and Goldman Sachs put a positive spin on OPEC's compliance
with output cuts.  
    * U.S. stocks fell on Tuesday as oil prices dropped to their lowest since November and airlines pulled industrial stocks
down as a blizzard hit the U.S. Northeast.  
    
    DATA/EVENT AHEAD (GMT) 
1000  Euro zone          Employment                          Q4 
1230  U.S.               Consumer prices                     Feb 
1230  U.S.               New York Fed manufacturing          Mar 
1230  U.S.               Retail sales                        Feb 
1400  U.S.               Business inventories                Jan 
1400  U.S.               NAHB housing market index           Mar 
1800  Federal Open Market Committee releases statement 
1830  Federal Reserve Chair Janet Yellen holds news briefing 
        
 Grains prices at 0105 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   431.25     0.75   +0.17%       +0.17%   450.59    28
 CBOT corn    362.50     0.25   +0.07%       +0.42%   373.99    26
 CBOT soy    1003.75     4.50   +0.45%       -0.22%  1038.03    25
 CBOT rice      9.70   -$0.03   -0.36%       -1.37%    $9.70    62
 WTI crude     48.38    $0.66   +1.38%       -0.04%   $52.48    23
 Currencies                                                       
 Euro/dlr     $1.061   $0.001   +0.11%       -0.37%               
 USD/AUD      0.7558    0.000   +0.00%       -0.12%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
  

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