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GRAINS-Soybean prices firm on strong demand for U.S. exports
February 7, 2017 / 2:34 AM / in 10 months

GRAINS-Soybean prices firm on strong demand for U.S. exports

    SYDNEY, Feb 7 (Reuters) - U.S. soybean prices rose on
Tuesday, with strong demand for U.S. exports pushing two-day
gains to nearly 1.5 percent. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade climbed 0.43 percent to $10.40-1/2 a bushel, having
firmed 0.9 percent on Monday.
    * The most active corn futures were little changed at
$3.64 a bushel, after closing the previous session down 0.4
percent.
    * The most active wheat futures were little changed at
$4.22-3/4 a bushel, having ended Monday down 1.8 percent. 
    * The U.S. Department of Agriculture on Monday reported
weekly soybean export inspections of 1.636 million tonnes,
topping market forecasts that ranged from 900,000 to 1.2
million. 
    * It also revised its week-ago soy export inspections total
to 1.637 million tonnes from 1.631 million.
    * Wheat prices were pressured by ample global supply.
    * Brazil, traditionally one of the world's largest wheat
importers, has exported several shipments of the grain recently
as a large domestic crop and a government subsidy make the
exports competitive abroad, according to data from ports.

    * The U.S. Commodity Futures Trading Commission's weekly
commitments report released on Friday afternoon showed
non-commercial traders reverted to a net short position in CBOT
corn in the week to Jan. 31.
         
    MARKET NEWS  
    * The dollar stood near a 10-week low against the yen early
on Tuesday as investors sought refuge in the safe-haven Japanese
currency, while the euro languished on French political woes.
  
    * Oil fell on Monday as ample U.S. supplies and excess
speculative length outweighed OPEC output curbs and rising
tensions between the United States and Iran.  
    * U.S. stocks slipped on Monday, led by the energy sector as
oil prices dropped, while investors awaited the next run of
major earnings reports and sought further clarity on President
Donald Trump's economic policies.  
    
    DATA (GMT)
0700  Germany  Industrial output                  Dec 
0745  France   Trade data                         Dec 
1330  US       Trade data                         Dec 
1500  US       Job openings and labor turnover    Dec 
2000  US       Consumer credit                    Dec 
           
 Grains prices at  0151 GMT
 Contract        Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    422.75     0.25   +0.06%       -1.74%   421.45    46
 CBOT corn     364.00     0.25   +0.07%       -0.34%   360.53    50
 CBOT soy     1040.50     4.50   +0.43%       +1.31%  1032.27    50
 CBOT rice       9.49    $0.00   +0.00%       -0.63%    $9.69    32
 WTI crude      53.21    $0.20   +0.38%       -1.15%   $52.94    52
 Currencies                                                        
 Euro/dlr      $1.073  -$0.002   -0.20%       -0.50%               
 USD/AUD       0.7638   -0.002   -0.25%       -0.59%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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