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GRAINS-Soybeans fall on ample supplies, Argentina crop fears cap losses
January 10, 2017 / 2:06 AM / 10 months ago

GRAINS-Soybeans fall on ample supplies, Argentina crop fears cap losses

SYDNEY, Jan 10 (Reuters) - U.S. soybeans fell on Tuesday,
retreating after posting gains of more than 1 percent in the
previous session, as pressure from ample global supplies
outweighed fears of production losses in Argentina.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade fell 0.55 percent to $9.99-3/4 a bushel, having
firmed 1.06 percent on Monday.
    * The most active corn futures fell 0.3 percent to
$3.59 a bushel, having gained 0.56 percent in the previous
session.
    * The most active wheat futures fell 0.2 percent to
$4.26-1/2 a bushel, having closed up 0.95 percent on Monday. 
    * Rains in central and northeastern Argentina threatened to
flood soybean fields, threatening oilseed production in one of
the world's largest exporters.
    * Forecasts called for improvements in the coming weeks,
capping gains slightly.
    * The USDA said on Monday morning that soybean export
inspections totalled 1.457 million tonnes in the latest
reporting week, exceeding the high end of trade forecasts that
ranged from 1.1 million tonnes to 1.4 million tonnes.
 
    * Expectations for a cutback in seedings in places such as
Kansas were providing support to wheat.
    * Concerns about wheat production in Europe also lent
support due to deep frosts forecast in Black Sea grain-exporting
countries Romania, Bulgaria, Russia and Ukraine. 
    * The USDA will release its wheat plantings report on
Thursday, along with monthly world crop forecasts, quarterly
U.S. grain stock estimates and updated estimates on 2016/17 U.S.
crop production. 
         
    MARKET NEWS  
    *  Sterling steadied in early Asian trade on Tuesday after
weekend comments from British Prime Minister Theresa May sent it
skidding to 2 1/2-month lows, while the dollar wallowed as
investors locked in gains.  
    * Oil markets opened on Tuesday torn between production cuts
by major exporters Saudi Arabia and Russia and reports showing
that supplies from other regions including North America, Iraq,
and Iran could offset any restraint aimed at curbing a global
glut.  
    * Declines in energy and financial stocks weighed on the S&P
500 on Monday and helped stall the Dow's pursuit of the 20,000
milestone ahead of earnings season and expected U.S. policy
changes under the Donald Trump presidency.  
    
    DATA (GMT)
      China   Producer Prices                       Dec 
      China   Consumer Prices                       Dec 
0745  France  Industrial Output                     Nov 
1100  US      NFIB Small Business Confidence Index  Dec 
1500  US      JOLTS Job Openings                    Nov 
    
    
 Grains prices at  0128 GMT
 Contract         Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat     426.50   -0.75    -0.18%       +0.06%  409.40    71
 CBOT corn      359.00   -1.00    -0.28%       -0.62%  354.45    62
 CBOT soy       999.75   -5.50    -0.55%       -1.26%  1029.4    43
                                                            7  
 CBOT rice        9.69   $0.00    +0.00%       -0.56%   $9.80    56
 WTI crude       52.06   $0.10    +0.19%       -3.16%  $51.62    45
 Currencies                                                        
 Euro/dlr       $1.059  $0.006    +0.57%       -0.12%              
 USD/AUD        0.7341   0.005    +0.69%       +0.07%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Randy Fabi)

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