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GRAINS-Soybeans climb from 5-mth low, ample global supply caps gains
March 28, 2017 / 3:06 AM / 8 months ago

GRAINS-Soybeans climb from 5-mth low, ample global supply caps gains

    * Soybeans rise nearly 0.5 pct on bargain-buying
    * Corn prices edge higher
    * Wheat rebounds from near two-month low

    By Colin Packham
    SYDNEY, March 28 (Reuters) - U.S. soybeans rose nearly 0.5
percent on Tuesday to move away from their lowest in more than
five months as investors looked for bargains, but plentiful
global supply kept a ceiling on gains.
    Corn edged up from a more than a two-month low, while corn
prices also climbed.
    The most active soybean futures on the Chicago Board of
Trade advanced 0.46 percent to $9.76 a bushel. They closed
down 0.44 percent on Monday, having marked their weakest since
Oct. 17 at $9.68-1/4 a bushel.
    "You can't escape fundamentals, and the reality is that
without a change in supply, you won't see much upside beyond the
odd bit of bargain-buying," said Phin Ziebell, agribusiness
economist, National Australia Bank.
    Large South American production this season has stoked
expectations of ample global supply, while U.S. farmers are
expected to sow larger amounts of the oilseed next season.
    The U.S. Department of Agriculture is expected to predict
U.S. soybean plantings for 2017 will rise nearly 5 million from
    Analysts polled by Reuters expected the USDA in the same
report to show stockpiles of U.S. wheat, corn and soybeans as of
March 1 larger than at the same point in 2016. 
    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.
    Corn seedings were forecast at 90.969 million acres, down by
about 3 million acres.
    The most active wheat futures rose 0.12 percent to
$4.21-1/4 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.
    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.
 Grains prices at  0230 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   421.25    0.50    +0.12%       -0.82%   443.10    39
 CBOT corn    356.75    1.00    +0.28%       +0.14%   369.45    35
 CBOT soy     976.00    4.50    +0.46%       +0.03%  1018.34    26
 CBOT rice      9.80   $0.00    -0.05%       +0.20%    $9.71    61
 WTI crude     47.97   $0.24    +0.50%       +0.00%   $50.96    40
 Euro/dlr     $1.086  $0.000    -0.02%       +0.60%               
 USD/AUD      0.7626   0.001    +0.14%       +0.05%               
 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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