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GRAINS-Soybeans rebound from one-month low, South American prospects cap gains
December 21, 2016 / 3:54 AM / a year ago

GRAINS-Soybeans rebound from one-month low, South American prospects cap gains

* Soybeans under pressure on South American crop prospects
    * Corn firms after hitting 15-day low on Tuesday
    * Wheat rebounds from 13-day low touched on Tuesday

    By Colin Packham
    SYDNEY, Dec 21 (Reuters) - U.S. soybeans edged higher on Wednesday,
rebounding from a one-month low touched in the previous session, though brighter
production prospects in South America put a cap on gains.
    Corn rose, rebounding from a 15-day low hit on Tuesday, while wheat edged
higher after touching a 13-day trough in the previous session.
    The most active soybean futures on the Chicago Board of Trade climbed
0.42 percent to $10.09-1/2 a bushel. They closed down 1.6 percent on Tuesday,
after hitting their lowest since Nov. 21 at $10.04 a bushel.
    Despite edging up, analysts said soybeans remain under pressure.
    "Soybeans have been supported by Chinese demand recently but they have shown
no appetite to pay higher prices for supplies," said Phin Ziebell, agribusiness
economist, National Australia Bank
    "South American supplies look set to be large, potentially undercutting U.S.
exports."
    Production prospects in South America have been boosted as weather forecasts
call for rains in Argentina this week, easing concerns about potential crop
losses.
    Brighter prospects in Argentina coincide with expectations of record
harvests in fellow exporter Brazil.  
    The most active corn futures advanced 0.14 percent to $3.50-3/4,
having closed down 0.85 percent in the previous session, when prices touched
their weakest since Dec. 5 at $3.49-1/4.
    The most active wheat futures rose 0.12 percent to $4.03-3/4 a bushel.
Wheat ended Tuesday down 0.43 percent when prices hit the lowest levels since
Dec. 7 at $4.00-1/4.
    Wheat prices remain anchored by record global inventories projected in
2016-17, with U.S. wheat facing additional pressure from a dollar rally that
makes the origin less competitive for export.
        
 Grains prices at  0332 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   403.75    0.50    +0.12%       -1.34%  416.15    58
 CBOT corn    350.75    0.50    +0.14%       -1.54%  355.30    51
 CBOT soy    1009.50    4.25    +0.42%       -2.63%  1021.0    39
                                                          6  
 CBOT rice      9.46   $0.00    +0.00%       -0.21%   $9.67    34
 WTI crude     53.48   $0.18    +0.34%       +3.04%  $48.61    69
 Currencies                                                      
 Euro/dlr     $1.041  $0.001    +0.10%       -0.34%              
 USD/AUD      0.7252   0.001    +0.10%       -0.71%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sunil Nair)

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