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GRAINS-Soybeans up for 2nd day on short-covering, focus on US planting
April 13, 2017 / 1:07 AM / 7 months ago

GRAINS-Soybeans up for 2nd day on short-covering, focus on US planting

    SINGAPORE, April 13 (Reuters) - Chicago soybean futures rose
for a second session on Thursday as investors covered short
positions and as rains delayed fieldwork in parts of the U.S.
grain belt.
    Corn and wheat edged higher in early Asian trade.
    * The market's attention is shifting to the planting of the
2017 U.S. corn and soybean crops, focusing on weather in the
core Midwest production belt. 
    * The USDA said the corn crop was 3 percent seeded by April
9, matching the five-year average. But rains this week stalled
fieldwork in some areas, raising concern about planting delays.
    * Commodity funds were net buyers of Chicago Board of Trade
corn, soybean and wheat futures contracts on Wednesday, traders
    * Faced with weak international prices and a record harvest,
Brazil's soybean farmers have been hoarding their crop in hopes
the market will rebound in the coming months.
    * Soybean futures plunged to a one-year low on Tuesday
after the U.S. Department of Agriculture estimated higher than
expected inventories.
    * Reflecting the big harvests, the USDA raised its forecast
of global soybean stocks at the end of the 2016-17 marketing
year to 87.41 million tonnes, up from 82.82 million in March and
above an average of trade estimates for 83.91 million.
    * The agency in a monthly report on Tuesday raised its
estimate of Brazil's soybean crop to 111 million tonnes, from
108 million last month. The USDA put the Argentine soy crop at
56 million tonnes, up from 55.5 million in March.
    * Ukraine's agriculture ministry on Wednesday officially
confirmed planned exports of around 42 million tonnes of grain
in the 2016/17 July-June season.
    * The U.S. dollar turned lower along with Treasury yields
and stocks on Wednesday after U.S. President Donald Trump said
the dollar is getting too strong and that he would prefer the
Federal Reserve keep interest rates low.
 Grains prices at  0049 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  433.75  0.50    +0.12%   +1.17%       433.08  63
 CBOT corn   370.25  1.25    +0.34%   +0.89%       364.94  65
 CBOT soy    950.00  2.25    +0.24%   +0.88%       983.50  43
 CBOT rice   10.09   -$0.09  -0.88%   -1.70%       $9.86   62
 WTI crude   52.92   -$0.19  -0.36%   -0.30%       $50.15  69
 Euro/dlr    $1.066  $0.007  +0.70%   +0.19%               
 USD/AUD     0.7533  0.004   +0.51%   -0.16%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford)

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