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GRAINS-Soybean futures firm after weekly loss, Argentina rains miss key crop areas
December 27, 2016 / 1:48 AM / a year ago

GRAINS-Soybean futures firm after weekly loss, Argentina rains miss key crop areas

SINGAPORE, Dec 27 (Reuters) - Chicago soybean futures gained
0.2 percent on Tuesday after suffering deep losses last week,
with the market underpinned by concerns over poor rainfall
affecting in Argentina's key crop areas.
    Wheat jumped more than 1 percent on expectations of strong
demand from India, where two years of lower output has depleted
    * Heavy rains that pelted parts of Argentina over the
weekend did not reach the southeastern part of the bread-basket
province of Buenos Aires, where dryness is threatening to dent
soybean production, local farm weather experts said on Monday.
    * Argentina aims to increase farm production under President
Mauricio Macri, who has implemented a slew of market-friendly
reforms since taking office a year ago. But the weather has not
cooperated with farmers in some key growing areas.
    * The global wheat market, which has faced pressure from
plentiful supplies, is finding a floor with India - the world's
second-largest consumer - expected to import larger volumes.
    * India's wheat stocks in April next year, when the new
season begins, are likely to be at their lowest levels in more
than a decade after two successive droughts drained the soil of
moisture and cut output. 
    * Lower stocks will force India to import about 6 million
tonnes of wheat in the fiscal years ending March 2017 and March
2018 to curb local prices, which have leapt 40 percent since the
current year began in April, traders and industry experts said.
    * Commodity funds were net sellers of Chicago Board of Trade
soybean, soyoil, soymeal, corn and wheat futures contracts on
    * Asian stocks were little changed on Tuesday in thin trade
and with little to provide guiding cues as many major markets
were closed on Monday for Christmas holidays. The dollar
reclaimed some of its losses from Monday. 
1400 US Case-Shiller home prices Oct
1500 US Conference Board consumers confidence index Dec
 Grains prices at  0118 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  397.75  4.25     +1.08%   -0.44%       412.83   49
 CBOT corn   348.00  2.25     +0.65%   +0.22%       354.34   45
 CBOT soy    990.50  1.50     +0.15%   -1.61%       1020.63  29
 CBOT rice   9.46    $0.00    +0.00%   +1.01%       $9.63    23
 WTI crude   53.08   $0.06    +0.11%   +0.25%       $49.67   69
 Euro/dlr    $1.044  -$0.001  -0.13%   -0.14%                
 USD/AUD     0.7176  -0.001   -0.11%   -0.06%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)

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