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GRAINS-Soybean prices hit 4-month low, set for third straight weekly fall
March 24, 2017 / 3:30 AM / 9 months ago

GRAINS-Soybean prices hit 4-month low, set for third straight weekly fall

    * Soybeans weighed down by ample global supplies
    * Corn set for weekly loss of 3 pct
    * Wheat poised for biggest weekly fall in three months

    By Colin Packham
    SYDNEY, March 24 (Reuters) - U.S. soybeans fell 0.5 percent on Friday to hit a four-month low as ample global stocks continued to weigh on
the oilseed, which was poised to finish the week in negative territory for a third consecutive week.
    Corn edged lower, with the grain poised to finish the week down 3 percent, while wheat was on course to post its biggest one-week fall
since 2016.
     The most active soybean futures on the Chicago Board Of Trade fell 0.5 percent to $9.86 a bushel, the lowest since Nov. 18. Soybeans
closed down 0.9 percent on Thursday.
    Soybeans are down nearly 1.5 percent for the week, the third straight weekly loss.
    Analysts said soybeans remain under pressure from ample global supplies, despite the recent strong demand for U.S. supplies.
    The U.S. Department of Agriculture said soybean sales topped trade forecasts at 738,200 tonnes for 2016/17 shipment.
    "Investors are thinking: how much longer can that last? Big South American crops are now arriving on to the market," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of Australia.
    Ample global supply expectations were further stoked as Argentina's 2016/17 soy crop was estimated at 56.5 million tonnes, the Buenos Aires
Grains Exchange said on Thursday, up from the previous outlook of 54.8 million tonnes.
    Global stocks are expected to be boosted further as the  USDA is scheduled to release its annual prospective plantings report late next
week. It is expected to show record-high soybean acreage.
     The most active corn futures dropped 0.1 percent to $3.56-1/2 a bushel, having closed down 0.56 percent in the previous session.
     Corn is down nearly 3 percent for the week, after posting gains of nearly 1 percent a week earlier.
    The falls come despite the USDA pegging corn exports in the last week above trade expectations. 
    The most active wheat futures climbed 0.12 percent to $4.21-1/2 a bushel. In the previous session, they ended down 0.3 percent, when
prices hit $4.20 a bushel, their lowest since Feb. 7.
    Wheat is down nearly 3.5 percent for the week, set for their biggest weekly fall since Dec. 23.
 Grains prices at  0258 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  421.50     0.50   +0.12%       -0.18%   446.00    37
 CBOT corn   356.50    -0.25   -0.07%       -0.63%   371.13    34
 CBOT soy    986.50    -4.50   -0.45%       -1.33%  1024.96    26
 CBOT rice     9.83   -$0.02   -0.20%       +0.51%    $9.71    65
 WTI crude    47.80    $0.10   +0.21%       -0.50%   $51.33    33
 Euro/dlr    $1.076  -$0.002   -0.18%       -0.31%               
 USD/AUD     0.7614   -0.001   -0.16%       -0.81%               
 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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