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GRAINS-Soybean prices hit 12-day high on strong appetite for US exports
February 8, 2017 / 4:24 AM / 10 months ago

GRAINS-Soybean prices hit 12-day high on strong appetite for US exports

    SYDNEY, Feb 8 (Reuters) - U.S. soybean prices rose for a
third session on Wednesday to hit their highest in 12 days,
supported by strong demand for U.S. supplies.
    Corn markets were flat after gains of around 1.3 percent the
day before, while wheat prices were also steady.
    The most active soybean futures on the Chicago Board of
Trade had climbed 0.26 percent to $10.45-1/4 a bushel by
0356 GMT. They earlier marked their highest since Jan. 27 at
10.47-1/4.
    Analysts said soybean prices were being supported by strong
appetite for U.S. supplies, especially as Chinese traders
trickle back to work after the Lunar New Year holiday.
    "Chinese buyers are back in the market this week, which is
helping to underpin prices," said Tobin Gorey, director of
agricultural strategy, Commonwealth Bank of Australia.
    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.

    Traders are also turning their attention to the USDA's
monthly supply and demand report, due Thursday.
    The most active corn futures contract was unchanged at
$3.68-1/2 a bushel on Wednesday, while wheat futures were
at $4.30-3/4 a bushel, after closing Tuesday up 2 percent.
        
 Grains prices at  0356 GMT
 Contract        Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    430.75     0.00   +0.00%       +1.06%   412.28    57
 CBOT corn     368.50     0.00   +0.00%       +2.86%   355.95    61
 CBOT soy     1045.50     2.75   +0.26%       +0.50%  1026.38    56
 CBOT rice       9.39   -$0.04   -0.37%       -5.91%    $9.77    28
 WTI crude      51.53   -$0.64   -1.23%       -2.79%   $52.32    35
 Currencies                                                        
 Euro/dlr      $1.069   $0.009   +0.81%       +0.42%               
 USD/AUD       0.7637    0.016   +2.17%       +1.84%               
 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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