March 29, 2017 / 1:24 AM / 8 months ago

GRAINS-Soybeans hold near 5-month low on supply concerns

    SYDNEY, March 29 (Reuters) - U.S. soybeans edged lower on
Wednesday as expectations for increased plantings in North
America, along with already ample global supplies, kept the
oilseed tethered near a five-month low.
    * The most active soybean futures on the Chicago Board Of
Trade fell 0.1 percent to $9.70-3/4 a bushel, having
closed little changed in the previous session.
    * Soybeans hit a low of $9.68-1/4 on Monday, the lowest
since October, 2016.
    * The most active corn futures were unchanged at
$3.57-3/4, having gained 0.6 percent in the previous session.
    * The most active wheat futures was little changed at
$4.24-3/4 a bushel, having closed up 0.9 percent on Tuesday. 
    * Soybeans were weighed down by ample global supplies,
further stoked by U.S. plantings for next season, analysts
    * Analysts expect a 5.7 percent jump in U.S. soybean sowings
from a year ago, but have forecast a reduction in corn planting
of 3.2 percent and an 8 percent cut in wheat sowings.

    * Wheat was pressured by forecasts for rains in the Plains
over most of the last week. The showers should bolster yield
prospects for the developing winter wheat crop.
    * The outlook for rains across the Plains, the southern
Midwest and the Mississippi River Delta over the next week also
supported corn futures by threatening to delay seeding in those
    * However, planting is still a few weeks away in core Corn
Belt states like Iowa and Illinois.
    * The dollar rose on Tuesday, bouncing from 4-month lows, as
a top Federal Reserve official reinforced expectations of more
U.S. rate hikes to come while political uncertainties
surrounding Britain's exit from the EU pressured European
    * Oil prices rose as much as 2 percent on Tuesday after a
severe disruption to Libyan oil supplies and as officials
suggested OPEC and other producing countries could extend an
output-cuts deal to the end of the year.  
    * U.S. stocks ended sharply higher on Tuesday, with
financial and energy shares surging as data showed U.S. consumer
confidence soaring to a more than 16-year high.  
0600  Germany            Import prices                   Feb 
0645  France             Consumer confidence             Mar 
1400  U.S.               Pending homes sales             Feb 

 Grains prices at  0051 GMT
 Contract      Last   Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  424.75     0.25    +0.06%       +0.95%   441.87    46
 CBOT corn   357.75     0.00    +0.00%       +0.56%   368.73    41
 CBOT soy    970.75    -1.25    -0.13%       -0.08%  1015.37    20
 CBOT rice     9.79    $0.04    +0.36%       -0.15%    $9.71    58
 WTI crude    48.55    $0.18    +0.37%       +1.72%   $50.82    50
 Euro/dlr    $1.082   $0.001    +0.05%       -0.43%               
 USD/AUD     0.7649    0.002    +0.21%       +0.45%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Richard Pullin)

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