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GRAINS-Wheat prices drop for first time in a week, ample stocks drag
February 14, 2017 / 2:52 AM / 10 months ago

GRAINS-Wheat prices drop for first time in a week, ample stocks drag

    SYDNEY, Feb 14 (Reuters) - U.S. wheat prices edged down on
Tuesday for the first time in six sessions, with ample global
supply pulling them away from their highest in more than seven
months, touched the day before.
    * The most active wheat futures on the Chicago Board of
Trade fell 0.4 percent to $4.50-1/4 a bushel. They closed up 0.7
percent on Monday, after marking their strongest since late June
at $4.56 a bushel.
    * The most active corn futures dropped 0.4 percent to
$3.74 a bushel, having gained 0.27 percent in the previous
    * The most active soybean futures fell 0.36 percent to
$10.50-1/2 a bushel, after ending Monday down 0.45 percent.
    * The Australian Bureau of Agriculture, Resource Economics
and Rural Sciences said the country's 2016/17 wheat harvest was
a record 35.13 million tonnes.
    * The U.S. Department of Agriculture on Monday morning
reported weekly corn export inspections of 1.256 million tonnes,
up from 1.124 million tonnes a week ago. The weekly total topped
trade forecasts for 900,000 to 1.1 million tonnes. 
    * Brazil soybean industry group Abiove said it expected
local production of the oilseed to hit 104.6 million tonnes in
2016/17, up from its December forecast of 101.7 million. It
pegged the country's soybean exports at 58.7 million tonnes.

    * The dollar was trading near a three-week high against a
basket of currencies on Tuesday, as investors awaited
congressional testimony by Federal Reserve Chair Janet Yellen
for clues to the pace of the central bank's interest rate
    * Oil rose on Tuesday, supported by an OPEC-led effort to
cut output, but rising production elsewhere kept prices within
the narrow range that has contained them so far this year.
    * U.S. equity indexes hit record highs on Monday, with the
benchmark S&P 500's market value topping $20 trillion as
investors bet tax cuts promised by President Donald Trump would
boost the economy.  
0130  China             Consumer prices                      Jan
0130  China             Producer prices                      Jan
0700  Germany           GDP flash                            Q4 
0930  Britain           Consumer prices                      Jan
1000  Germany           ZEW economic sentiment               Feb
1000  Euro zone         GDP flash                            Q4 
1000  Euro zone         Industrial production                Dec
1100  U.S.              NFIB business optimism               Jan
1500  Federal Reserve Chair Janet Yellen delivers semiannual
monetary testimony before the Senate Banking Committee 
 Grains prices at  0220 GMT
 Contract        Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat    450.25   -2.00   -0.44%       +0.28%   428.73    70
 CBOT corn     374.00   -1.50   -0.40%       -0.13%   364.46    66
 CBOT soy     1050.50   -3.75   -0.36%       -0.80%  1039.56    56
 CBOT rice       9.48   $0.00   -0.05%       -0.89%    $9.69    42
 WTI crude      53.07   $0.14   +0.26%       -1.47%   $52.79    50
 Euro/dlr      $1.059  $0.000   -0.05%       -0.43%               
 USD/AUD       0.7659   0.002   +0.27%       -0.13%               
 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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