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GRAINS-Soybeans edge up from 3-week low, USDA report in focus
February 23, 2017 / 2:26 AM / 10 months ago

GRAINS-Soybeans edge up from 3-week low, USDA report in focus

    * Ample global supplies pressure soybeans
    * USDA expected to raise forecast for soybean plantings
    * Corn flat, wheat edges higher

    By Colin Packham
    SYDNEY, Feb 23 (Reuters) - U.S. soybeans edged up from a
three-week low on Tuesday, but were capped by plentiful global
supplies and an expected forecast for increased plantings in a
widely watched U.S. government report.
    Wheat edged higher, extending gains into a second
consecutive session, while corn was little changed.
    The most active soybean futures on the Chicago Board Of
Trade rose 0.3 percent to $10.25-1/2 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.
    Despite the slight uptick, analysts said market fundamentals
for soybeans remained negative.
    "There are bumper supplies in South America, while the U.S.
Department of Agriculture is expected to report an increase in
plantings. All the news of the day is bearish for prices," said
Phin Ziebell, agribusiness economist, National Australia Bank.
    The outlook for South American production has been boosted
by recent rains, while the harvest is quickly advancing in both
Brazil and Argentina.
    The USDA is due to release updated planting forecasts at its
Outlook Forum on Thursday, with the market expecting an increase
in soybean sowing.
    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 0.3 percent to
$4.42-1/2 a bushel, having closed up 1 percent on Wednesday. 
    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.
        
 Grains prices at  0205 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   442.50    1.25   +0.28%       +1.49%   433.19    52
 CBOT corn    371.00    0.00   +0.00%       +0.47%   367.09    51
 CBOT soy    1025.50    2.75   +0.27%       -0.07%  1045.23    39
 CBOT rice      9.44  -$0.02   -0.21%       +0.11%    $9.63    47
 WTI crude     54.04   $0.45   +0.84%       -0.04%   $52.98    60
 Currencies                                                      
 Euro/dlr     $1.055  -$0.00   -0.08%       +0.11%               
                           1                                 
 USD/AUD      0.7673  -0.003   -0.38%       -0.01%               
 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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