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GRAINS-Wheat edges away from near 2-mth low, rain forecasts cap gains
March 28, 2017 / 1:56 AM / 8 months ago

GRAINS-Wheat edges away from near 2-mth low, rain forecasts cap gains

    SYDNEY, March 28 (Reuters) - U.S. wheat edged up on Tuesday
to move away from a near two-month low touched in the previous
session, though forecasts for crop-friendly weather put a cap on
gains.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade rose 0.2 percent to $4.21-1/2 a bushel. They closed
down 0.9 percent on Monday when prices hit their lowest since
Feb. 1 at $4.18-1/4 a bushel. 
    * The most active soybean futures climbed 0.26 percent
to $9.74 a bushel, having closed down 0.44 percent on Monday,
when prices marked their weakest since Oct. 17 at $9.68-1/4 a
bushel.
    * The most active corn futures advanced 0.3 percent to
$3.56-3/4 a bushel, having ended the last session down 0.14
percent. On Monday, they touched their lowest since Jan. 12 at
$3.54-1/4 a bushel.
    * Wheat prices were under pressure as rains forecast for the
 next 10 days are set to boost wheat growth in the U.S. Plains
and southwest portion of the Midwest.
    * Analysts polled by Reuters expected the U.S. Department of
Agriculture to show stockpiles of U.S. wheat, corn and soybeans
as of March 1 larger than at the same point in 2016.
    * The analysts also predicted U.S. soybean plantings for
2017 will rise nearly 5 million from 2016. Corn seedings were
forecast at 90.969 million acres, down about 3 million.
 
    * The Buenos Aires Grains Exchange last week raised its
outlook for Argentina's 2016/17 soy crop to 56.5 million tonnes
from 54.8 million, the latest in a series of upgrades for
harvests in South America.
         
    MARKET NEWS  
    * The dollar limped away from multi-month lows against its
major peers early on Tuesday as the previous day's rout petered
out, but the U.S. currency remained on shaky ground with much of
the lift from the "Trump trade" now gone.  
    * Oil resumed its slide on Monday as investors remained
uncertain whether producing nations would extend an OPEC-led
output cut beyond the end of June in an effort to reduce a
global glut of crude.  
    * U.S. equity index futures fell to a six-week low on Sunday
in a sign Wall Street would start the week defensively after
Republicans pulled legislation to overhaul the U.S. healthcare
system in a stunning setback for President Donald Trump.  
    
    DATA (GMT)
1230 U.S.  Adv Goods Trade Balance     Feb
1230 U.S.  Adv Goods Trade Balance     Feb
1400 U.S.  Consumer Confidence         Mar
1400 U.S.  Rich Fed Comp index         Mar 
        
 Grains prices at  0123 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   421.50    0.75   +0.18%       -0.77%   443.11    39
 CBOT corn    356.75    1.00   +0.28%       +0.14%   369.45    35
 CBOT soy     974.00    2.50   +0.26%       -0.18%  1018.28    21
 CBOT rice      9.80   $0.00   -0.05%       +0.20%    $9.71    61
 WTI crude     47.93   $0.20   +0.42%       -0.08%   $50.96    40
 Currencies                                                      
 Euro/dlr     $1.086  $0.000   -0.01%       +0.61%               
 USD/AUD      0.7627   0.001   +0.16%       +0.07%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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