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GRAINS-Soybeans rebound from three-week low, market eyes USDA forecast
February 23, 2017 / 1:46 AM / 10 months ago

GRAINS-Soybeans rebound from three-week low, market eyes USDA forecast

    SYDNEY, Feb 23 (Reuters) - U.S. soybeans edged higher on
Thursday, rebounding from a three-week low touched earlier in
the session, with market sentiment likely to be driven by the
U.S. Department of Agriculture's U.S. crop planting forecasts
due later in the day.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.3 percent to $10.25-3/4 a bushel, having
earlier hit a low of $10.22 a bushel - the lowest since Feb. 1.
Soybeans closed down 0.3 percent on Wednesday.
    * The most active corn futures were unchanged at $3.71
a bushel, having gained 0.5 percent in the previous session.
    * The most active wheat futures rose 0.2 percent to
$4.42 a bushel, having closed up 1 percent on Wednesday. 
    * Soybeans weighed by ample South American supplies, quickly
coming on to the market.
    * The USDA to release updated planting forecasts at its
Outlook Forum on Thursday, with the market expecting an increase
in soybean sowing. For a POLL, click:
    * Egypt's General Authority for Supply Commodities bought
300,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian
wheat at an international tender.
             
    MARKET NEWS  
    * The dollar moved away from overnight lows and steadied on
Thursday as the market reassessed the minutes of the Federal
Reserve's last policy meeting, which kept the prospect of a
March rate hike in play.  
    * U.S. oil futures rose nearly 1 percent on Thursday after
data released by an industry group showed a surprise decline in
U.S. crude stocks as imports fell, lending support to the view
that a global glut is ending.  
    * The S&P 500 ended modestly weaker on Wednesday, holding
losses after minutes from the Federal Reserve's last meeting
kept alive a potential near-term interest rate hike, while
DuPont shares helped the Dow close at an all-time high for a
ninth straight session.  
    
    DATA AHEAD (GMT) 
0700  Germany          Detailed GDP                       Q4 
0700  Germany          GfK consumer sentiment             Mar 
0745  France           Business climate                   Feb 
1330  U.S.             Weekly jobless claims  
1330  U.S.             National activity index            Jan 
1400  U.S.             Monthly home price index           Dec 
        
 Grains prices at  0117 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   442.00     0.75   +0.17%       +1.38%   433.18    52
 CBOT corn    371.00     0.00   +0.00%       +0.47%   367.09    51
 CBOT soy    1025.75     3.00   +0.29%       -0.05%  1045.23    39
 CBOT rice      9.46    $0.00   +0.00%       +0.32%    $9.63    49
 WTI crude     54.01    $0.42   +0.78%       -0.09%   $52.98    60
 Currencies                                                       
 Euro/dlr     $1.055   $0.000   -0.01%       +0.18%               
 USD/AUD      0.7670   -0.003   -0.42%       -0.05%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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